current monthly income

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Current monthly income (CMI) is the average income from all sources in the six months prior to filing for bankruptcy. A person’s CMI determines their eligibility for Chapter 7 bankruptcy which requires a person’s CMI to be below the state median or pass a multi-factored test. This method of calculating a person’s eligibility for bankruptcy protection can be misguided if a person’s income has been drastically cut in the prior months. 

[Last updated in July of 2021 by the Wex Definitions Team]