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The Bankruptcy Code’s definition of disposable monthly income is based on your “current monthly income.” This is calculated by tallying your gross income from all sources over the six-month period prior to your filing for bankruptcy. This amount is added up and divided by six, and the resulting average is described as your “current monthly income.”

To calculate “disposable monthly income" from that amount, the average of taxes and Social Security you were expected to pay over that six-month period is subtracted. Next, the monthly IRS standard living expenses for a family of your size is subtracted.

Additional expenses such as car payments, health insurance, or child support will be factored in, too. What's left over is how the Bankruptcy Code defines your “disposable monthly income.”

Your attorney can also help you list actual monthly expenses (beyond the sometimes narrow IRS standards) and work toward a second numeric candidate for disposable income. Presenting this number to the trustee may help you work out a plan that is more feasible and realistic for you and your family.

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