Business, Legal & Accounting Glossary
As defined by the new bankruptcy law, a bankruptcy filer’s total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor’s current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.
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This glossary post was last updated: 22nd April, 2020 | 0 Views.