Current Monthly Income at Legal Glossary

What is it? As defined by the new bankruptcy law, a bankruptcy filers total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtors current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

Law Definition Added By: Charlotte

Send To Friends!

If you'd like to send the Current Monthly Income definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -

We hope you now understand the meaning of Current Monthly Income. If you need any more information on this term, please don't hesitate to contact us.

Other Similar Legal Terms:

Law Terms golden rule argument is During a jury trial, an attempt to persuade the jurors to put themselves in the place of the victim or the injured person and deliver the verdict that they would wish to receive if they were in that persons position. For example, if the plaintiff in a personal injury case has suffered severe scarring, the plaintiffs lawyer might ask the jury to come back with the verdict they themselves would want to receive had they been disfigured in such a manner. As a rule, judges frown upon this type of argument, because jurors are supposed to consider the facts of a case in an objective manner.

Law Terms memorandum is (1) An informal written document. A memorandum may be used in any number of circumstances, but most lawyers are best acquainted with the interoffice memorandum--a document prepared by a junior associate in a law office or a judges law clerk outlining the facts, procedural elements and legal arguments involved in a particular legal matter. These memos are reviewed by senior lawyers and judges who use them to decide how to proceed with the case. (2) Any written record, including a letter or note, that proves that a contract exists between two parties. This type of memo may be enough to validate an oral (spoken) contract that would otherwise be unenforceable because of the statute of frauds. (Under the statute of frauds, an oral contract is invalid if it cant be completed within one year from the date the contract is made.)

Law Terms closing argument is At trial, a speech made by each party after all the evidence has been presented. The purpose is to review the testimony and evidence presented during the trial as part of forcefully explaining why your side should win. Especially in trials before a judge without a jury, it is common for both parties to waive their closing argument on the theory that the judge has almost surely already arrived at her decision.

Law Terms durable power of attorney for health care is A legal document that you can use to give someone permission to make medical decisions for you if you are unable to make those decisions yourself. The person you name to represent you may be called an agent, attorney-in-fact, health care proxy, patient advocate, or something similar, depending on where you live.

Law Terms inventory is A complete listing of all property owned by a deceased person at the time of death. The inventory is filed with the court during probate. The executor or administrator of the estate is responsible for making and filing the inventory.