current monthly income

Definition of "current monthly income"
  1. A debtor's average gross income per month, calculated over the six months prior to filing for bankruptcy, as outlined in the 2005 amendments to bankruptcy law
How to use "current monthly income" in a sentence
  1. The bankruptcy court used her current monthly income to decide if she was eligible for Chapter 7 bankruptcy.
  2. His current monthly income, despite the recent loss of his job, was too high for him to file for bankruptcy.
  3. Their current monthly income will determine if they can file for bankruptcy or not.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z