How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?

When considering bankruptcy in the state of Florida, it is important to know whether you qualify for Chapter 7 or Chapter 13. To be eligible for Chapter 7 bankruptcy, you must pass the “means test.” This test will compare your income to the median income in the state. If your income is lower than the median income, you will qualify. If your income is higher, you may still qualify if you can prove that you have enough debt and no way to pay it off. To qualify for Chapter 13 bankruptcy, you must have a regular income and have some type of repayment plan for your creditors. This repayment plan will be based on what you can afford and will be organized over three to five years. Additionally, the total amount of debt owed must be less than the limits set by the government. It is important to note that different types of debts are treated differently in bankruptcy proceedings. Debts such as student loans, taxes, and child support are not discharged and must be paid. Therefore, it is important to speak to an attorney prior to filing for bankruptcy to ensure that you understand the rules and regulations related to filing bankruptcy in Florida.

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How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?

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