top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Dmi

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Dmi

    How much DMI can you have in the state of MI?

    #2
    It's not based on your State of residence. The DMI, or disposable monthly income, for a Chapter 7 is set by the Bankruptcy Code (11 USC 727(b)). It's part of the Means Test.

    Your DMI must be lower than $109.58/month ($6,575 over 5 years). If it's over $109.58/month but less than $182.50/month ($10,950 over 5 years), then you have a presumption of abuse. The presumption is overcome if your DMI multiplied by sixty (60) is less than 25% of your total scheduled unsecured debt (and less than $10,950)... or special circumstances.

    Special circumstances is a high standard, so you'd need like an inability to work (with documentation that it's permanent) or certain other things like military duty.l
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment

    bottom Ad Widget

    Collapse
    Working...
    X