An important part of filing for Chapter 7 bankruptcy is the Florida Bankruptcy Means Test. In order to file for Chapter 7, you must pass the Florida means test. It only applies to higher income filers, meaning if your income is below the Florida median you are exempt from the test and may file for Chapter 7.
If your income is higher than the Florida median, you must take the means test. The means test is used to determine if you can pay back a portion of your unsecured debts through Chapter 13 bankruptcy.
If your debts are not primarily consumer debts then you are exempt from the means test. You are also exempt from the means test if you are a disabled veteran and incurred your debt primarily during active duty or performing a homeland defense activity.
The Florida Median Income:
1 Member Household – $41,334.00
2 Member Household – $51,839.00
3 Member Household – $53,952.00
4 Member Household – $63,196.00
5 Member Household – $71,296.00
6 Member Household – $79,396.00
7 Member Household – $87,496.00
8 Member Household – $95,596.00
9 Member Household – $103,696.00
10 Member Household – $111,796.00
Taking the means test is extremely important because it will help you determine which type of bankruptcy is best for you. Once you determine the type of bankruptcy that is best for your situation, call Hialeah Lawyer for Bankruptcy. He is the best at what he does and will be with you every step of the way during the bankruptcy process. Call today for a free consultation.
Andres Montejo possess a keen sense of the law and markets along with an astute business background. We always work to effectively protect the rights of our clients, assist clients in business formations and transactions and litigate any disputes that may arise. Legal representation and counseling is critical in our complex modern world,if you would like to discuss your legal, transactional or litigation issue with one of our attorneys please contact us today.