Crestwood Bankruptcy Lawyer Mentions Form 22

Let’s examine briefly, Form 22 to the bankruptcy petition.  Now honestly, Form 22 is a bit complicated or at least it can be a bit complicated.  Form 22 looks at the current income of the client.  In some cases when the client makes too much money and goes over the median income, Form 22 triggers what’s called a “means test” basically to determine whether or not they qualify for a Chapter 7.  It also applies in a Chapter 13 case to help determine in some part, how much the monthly plan payment will have to be.  Now, one aspect about Form 22 here that I’d like to mention – again, like I said before, it is a bit complicated so I’m not going to be listing all the details, but one aspect of Form 22 which is very important to mention is the income.  As you may know, we have to list every single source of income – employment, unemployment, health and family, social security.  The same applies for Form 22 except that you do not need to list social security.  So if debtors receive social security it does not need to be listed in Form 22.  All other sources need to be listed.