Bankruptcy Calculator | Florida Bankruptcy Means Test

Bankruptcy Calculator.  If you would like to file a Chapter 7 bankruptcy you must pass the Florida means test. The test only applies to higher income filers which means that if your income is below the Florida median for your household size you are exempt from the test and may file a Chapter 7.

If your income is higher than the Florida median you will need to complete the means test calculation to determine if you can pay back a portion of your unsecured debts through a Chapter 13 bankruptcy.

Means Test Exemptions
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.

Florida Median Income
If your currently monthly household income is less than the Florida median income for a household of your size there is a presumption that you pass the means test and are eligible to file a Chapter 7 bankruptcy.

Your average household income is determined by averaging your monthly income over the last six calendar months. If you are over the median income limit and your income has declined over the last six months, then waiting one or more months might bring your income under the median level for Florida. Once you determine your average monthly income you multiply that by 12 to determine your annual income for the purpose of Florida median income test. -floridabankruptcylaws

We are a small law firm of bankruptcy experts but we deal with big challenges each day. Whether our clients are businesses or individuals, many face serious financial issues. Others may not be as deep in debt but are still suffering due to the stress of their financial situation. Pinkston and Pinkston – Attorneys at Law can help.
We have been specializing in Bankruptcy Law for over 20 years.  Contact us today!