Gregory & Clark, PLLC Articles Some Basic Facts About Florida Bankruptcy

Some Basic Facts About Florida Bankruptcy

By Gregory & Clark  May. 9, 2011 10:54a

If you are one of the many thousands of people who are having difficulty staying on top of their financial situation, you may also be one of many who are considering bankruptcy as a possible solution. A Chapter 7 bankruptcy (also sometimes called a straight bankruptcy) can enable you to discharge many, but not all debts. Even getting rid of a portion of the debt that is causing you stress can mean the difference between overcoming the problem or sinking. There are some debts that Florida law does not allow you to waive on a bankruptcy and these include:

  • Alimony
  • Child support
  • Most student loans
  • Your most recent back-taxes
  • Cash advances exceeding $825 made within 70 days of filing 
  • Luxury items purchased within three months of filing worth at least $550
  • Penalties or fines that are owed to government agencies

A Few Additional Facts

In order to see if you qualify for a Chapter 7, you are required to take what is called "The Means Test." If you fail this test, and do not qualify for a Chapter 7, you can then look at other possibilities like a Chapter 13 or Chapter 11 which involve setting up a payment plan to get bills under control.

What Are You Allowed to Keep?

If you qualify for a Chapter 7 bankruptcy, Florida law allows you to keep the following items:

  • Alimony and child support
  • Your home (as long as it doesn't exceed 0.5 acre within a municipality or 160 acres outside)
  • Any government benefits like disability, unemployment, and social security
  • Personal property up to $1,000
  • Wages (for head of the family) up to $500 per week for up to a six month period

If you are in the Orlando or surrounding area and are considering filing for bankruptcy, you need to contact an Orlando bankruptcy lawyer to assist you. It is a detailed process and needs to be done accurately and in accordance with the bankruptcy laws. At Gregory & Clark, PLLC, we are experienced and competent in this arena. We can walk you through each step of the process so it comes out successfully and you get the debt relief you need as quickly as possible. With definitive action and sound advice, we can help you create a more stable financial future for yourself and your family in the years to come. 

Contact an Orlando bankruptcy attorney in our office for a free consultation and we will go over the details of your financial situation.

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