Qualifying for Bankruptcy in Florida

To file for bankruptcy in Florida, you must be a resident of the State of Florida. There are other considerations when determining where to file your bankruptcy.

Not all individuals qualify for bankruptcy. Most individual debtors filing for bankruptcy relief are required to complete either Official Bankruptcy Form 22A or 22C (Statement of Current Monthly Income and calculations) also known as the Means Test. The Means Test will let you know if you qualify for bankruptcy and the Means Test will also help determine which bankruptcy chapter is best for you – Chapter 7 or Chapter 13. Your Means Test is calculated using your gross household income for the previous 6 completed months and the Median Income for Florida established by the United States Census Bureau and IRS data. The paralegals at Orshan, P.A. will help you with this process.

The Means Test in Florida

If your household income is below median income, then you can probably file a Chapter 7 bankruptcy.

If your household income is above the median income, you may still qualify for Chapter 7. If your household income is above the median income, it may mean you can file a Chapter 13. Individuals must complete the Means Test to determine if they are eligible to file a bankruptcy.

Qualifying for a Chapter 13 Bankruptcy

If you make more than the average median income for Florida for your household under the Means Test, then you can file a Chapter 13 bankruptcy. Chapter 13 bankruptcy is often called the wager-earner's bankruptcy, and in Chapter 13 you establish a repayment plan. Most Florida Chapter 13 bankruptcies result in a 5-year repayment plan. You may qualify for a 36-month repayment plan provided your income and expenses meet certain requirements. To qualify, you will need to fill out and file Official Bankruptcy Form 22C. This is the Chapter 13 Means Test - a statement of your current monthly income and a calculation of your commitment period and disposable income.

We Can Help you Learn if you Qualify

Our team at Orshan, P.A. will sit down with you and determine whether or not you qualify for a Chapter 7 or Chapter 13 bankruptcy. If we believe that you do qualify, we will work with you throughout the process by giving you get the representation you deserve. Don't hesitate to call us today if you want to learn more!

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