PLANO TX CMI - Means Test Income
Bankruptcy Lawyer John F. Williams, Jr. Can Help You Determine Your CMI Means Test
As the lead attorney for The Law Offices of John F. Williams, Jr. bankruptcy laws have changed significantly over the last few years. One such change is the CMI Means Test. This test determines whether a person filing for Bankruptcy can repay their existing debts. As an experienced Chapter 7 Bankruptcy Attorney I know that determining a client's CMI Means Test under the new law can be complicated.CMI (current monthly income):
CMI is based on the premise of using past income figures along with other miscellaneous construed income that you might not recognize as income.
As defined by the existing bankruptcy laws, CMI is calculated from “income” that you have received six months prior to the month our law firm files your bankruptcy case. Income as defined by law is income that has been taxed. Furthermore, monies given to you by other people, and gifts that have a monetary value count as income.
Determining what to include as CMI in bankruptcy documents is often one of the most complicated aspects of the new law and requires an experienced bankruptcy attorney.
CMI was created as a universal formula to help the court determine if someone has the means to repay their debt. Unfortunately, CMI and the Means Test produces some absurd results, but it is a requirement under the new law.
If you have other questions regarding CMI, Bankruptcy, Chapter 7, Chapter 13, or Debt consolidation, please contact the Law Offices of John F. Williams, Jr. today. Don't delay, Contact Us today for your Free Consultation. I look forward to serving your needs.
