Official Form 122C-1 Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period

What Is Official Form 122C-1?

This is a legal form that was released by the United States Bankruptcy Court on December 1, 2015 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Official Form 122C-1?
A: Official Form 122C-1 is a document used in Chapter 13 bankruptcy cases to disclose the debtor's current monthly income and calculate the commitment period.

Q: What is Chapter 13 bankruptcy?
A: Chapter 13 bankruptcy is a type of bankruptcy that allows individuals with regular income to develop a plan to repay their debts over a period of three to five years.

Q: What is the purpose of Form 122C-1?
A: The purpose of Form 122C-1 is to provide detailed information about the debtor's current monthly income, expenses, and calculation of the commitment period for their Chapter 13 repayment plan.

Q: What is meant by 'current monthly income'?
A: Current monthly income refers to the average monthly income the debtor received from all sources during the six calendar months preceding the bankruptcy filing.

Q: How is the commitment period calculated?
A: The commitment period is calculated based on the debtor's current monthly income. If the current monthly income is below the applicable state median income, the commitment period is typically three years. If it is above the state median income, the commitment period is usually five years.

Q: What information is required in Form 122C-1?
A: Form 122C-1 requires the debtor to provide information about their income, expenses, deductions, and other financial details to calculate their disposable income and determine the length of the commitment period.

Q: Who needs to file Form 122C-1?
A: Individuals who are filing for Chapter 13 bankruptcy are required to file Form 122C-1 as part of their bankruptcy petition.

Q: Can I get help in completing Form 122C-1?
A: Yes, individuals filing for bankruptcy can seek assistance from an attorney or a bankruptcy preparer to help them complete Form 122C-1 and other required bankruptcy forms.