What is Monthly Net Income and How Will It Affect My Bankruptcy Case?
Monthly net income is an important factor for those considering filing for bankruptcy. It’s the difference between your total monthly income and allowable expenses that can be used to pay back creditors. Knowing what your monthly net income is, as well as how it will affect your bankruptcy case, is critical in deciding whether to proceed with a filing or not.
When looking at how much money you have left after accounting for all of your expenses, it’s important to include taxes, health insurance premiums and other essential debts such as car payments and student loan payments. By subtracting these from your total monthly income, you are able to calculate what would be available to pay toward unsecured debts like credit card debt or medical bills.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the debt and start over.
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