Leavengood, Dauval & Boyle, P.A. Articles Qualifying for a Chapter 7 Bankruptcy in Florida

Qualifying for a Chapter 7 Bankruptcy in Florida

By Leavengood, Dauval & Boyle, P.A.  Mar. 25, 2013 11:46a

In order to qualify for a Chapter 7 personal bankruptcy in Florida, you will be presumed to be eligible if your monthly income is less than the median income in the state for a household of your size. Under bankruptcy laws, your income is determined by what you made in the last six months before your bankruptcy filing. Your household size means the number of exemptions you are allowed on your federal tax returns plus the number of any other dependents you support. The number of persons in your household will have a significant effect on median income number used to determine your eligibility.

For example, in bankruptcy cases filed after November 1, 2012 in Hillsborough County, the average median income for a one-person family for the past six months is $3,422 per month. For a two-person family, the average median six-month income in regards to eligibility increases to $4,226 per month. For a three-person family, the figure jumps to $4,485 per month. These figures are based on U.S. government website tables. For those individuals and families with median incomes which exceed these figures, completion of a means test to calculate monthly disposable income will be required. For those who still are not eligible after applying the means test, a Chapter 13 bankruptcy may be pursued.

Bankruptcy Legal Representation in Tampa, Florida

Deciding whether or not to pursue a personal bankruptcy takes a great deal of information and consideration based on your specific circumstances and objectives. Getting the help you need to determine what is best for you can be facilitated with the help and guidance of a knowledgeable bankruptcy lawyer.

The law firm of Leavengood, Dauval & Boyle, P.A. serves clients in the greater Tampa area with legal services for bankruptcy, foreclosure, loan modification, and credit harassment. The firm has been serving area residents for three generations and offers a free online case evaluation form for those who wish to learn more about how they can get started. To explore all of the options which may be available to you, contact the firm for further guidance and advice.

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