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Current Monthly Income for Means Test

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  • Current Monthly Income for Means Test

    If I borrowed money from a relative to hold me off until payday and paid them back when I got paid during the 6 month look back period for CMI would that money be included in the CMI calculation or no because it was paid back?

  • #2
    Borrowed money that you paid back is not income. A friend of mine loaned me a total of 40k during my 6 month-CMI lookback. If it was a gift, that gets trickier. It could be seen as income, especially if it was a recurring gift. In order to structure it as a loan and not a gift, I put the 40k on my list of debts when I filed. No problem.

    The more interesting question is whether your act of paying him back is seen as a preferential transfer to the case trustee. It will depend on the amount and the circumstances. Smarter people than I here can chime in about that.

    Comment


    • #3
      Thanks for your response. So the family member I paid back we live together and split the bills and rent. but we have the same auto insurance because it is cheaper to be on the same auto policy being in the same household. So I usually give him my part of the insurance since it comes out of his account. Now there have been times because Of missing work that my checks were short, that that he would lend me money but when I paid him back some of the money that was paid back went to my auto insurance because I could not afford it that month. So say he lent me $300.00 and I paid back the $300.00 but he used $200.00 of that to pay my car insurance. Would the 200 count as income for me and the other 100 count as A preferential transfer?

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      • #4
        No.

        A preferential transfer is a payment you make to a creditor within 90 days of filing your case. You can do what you want and pay what you want to whom you want, but if you make a large lump-sum payment to an unsecured creditor, the case trustee has the power to take that lump sum payment back and distribute it equitably amongst all the creditors that file claims. So if you decide 2 months before you file to pay your roommate $6500 back on money he loaned you, the trustee will be asking you about it at your 341 meeting. At that point it won’t matter to you, but it would matter to your roommate as he would need to give the $6500 back to the trustee.

        If you’re talking about $300, no Trustee is going to care about that. Think about larger amounts that are documented in your bank statements.

        For CMI, it is income derived from all sources during the 6 month lookback period. If you file Dec 1st, then it is the pay you receive for all the work you did from June 1st to Nov 30th. If you get paid monthly or every two weeks, you will need to get that final check in early December that covered the work you did up to Nov 30th, and include that pay in your calculation. Similarly, if you received a check in early June for work you completed in late May, you DO NOT include that pay as long as it was derived “earned” in May. You may need to figure out hourly what was earned it what month as these “bookend checks” are likely to have pay periods that cross the end of the month.

        If you get recurring payments from family, disability, the government, etc, this too is considered income for the purpose of calculating your CMI. If Uncle Joe sends $200 to your checking account each month, count it. If your friend gives you $300 dollars cash one time to cover your car insurance, that’s not generally considered income. If you are worried that a larger amount given to you on a one-time basis could be income, structure it as a debt and list the person who gave it to you as a creditor when you file.

        For most people, CMI is just calculated by your work paychecks.

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