Define: Current Monthly Income

Current monthly income refers to the average monthly income received by an individual or household over the past six months. It includes wages, salaries, tips, commissions, bonuses, rental income, self-employment income, and any other regular sources of income.

To calculate current monthly income, you add up all the income received in the past six months and divide it by six. This provides an average monthly income figure.

Current monthly income is often used to determine eligibility for various legal benefits and programs, such as bankruptcy filings, child support calculations, spousal support determinations, and eligibility for government assistance programs.

Yes, current monthly income can include non-taxable income, such as certain Social Security benefits, disability payments, and veteran’s benefits. However, it is important to consult with a legal professional to determine which types of non-taxable income are included.

Yes, if there have been significant changes in income or expenses since the six-month period used to calculate current monthly income, it may be possible to request an adjustment. This typically requires providing evidence of the changes and seeking approval from the relevant legal authority.

In some cases, if an individual is voluntarily unemployed or underemployed, the court or relevant legal authority may impute income based on their earning capacity or previous income history. This is done to prevent individuals from intentionally reducing their income to avoid financial obligations.

Yes, current monthly income is often used as a basis for calculating child support payments. The court will consider the income of both parents, as well as other factors such as the number of children and any special needs they may have.

Yes, current monthly income is a crucial factor in determining eligibility for Chapter 7 bankruptcy. If an individual’s current monthly income is below the state median income, they may qualify for Chapter 7. However, if their income exceeds the median, they may be required to file for Chapter 13 bankruptcy instead.

Yes, current monthly income is often considered when determining spousal support payments. The court will assess the income and financial needs of both spouses to establish a fair and reasonable amount of support.

Yes, many government assistance programs, such as Medicaid, SNAP (Supplemental Nutrition Assistance Program), and housing assistance, consider an individual or household’s current monthly income to determine eligibility. The income thresholds vary depending on the specific program.