florida law bankruptcy
Florida bankruptcy law…..?
Is there a minimum amount of debt owed in order to file a Chapter 7 in Florida?
Being able to file is based on your ability to repay the debt, not the amount of debt. This is for all states and not just Florida. However, the government has made it harder to file for a Chapter 7 bankruptcy. You first have to pass 2 means tests. The first is if your income is more than the average for your state, for the number of people in your household. The second is if you have enough disposable income(as determined by the government) to pay at least $100 a month toward your debt over the next 3-5 years. If you fail on either of these you will probably be forced into a Chapter 13, which is a repayment plan.
Also, it will cost you between $1800 and $3000, depending on how complicated your case is, to even retain a lawyer and file for bankruptcy. So, if your debt is anywhere near there you will find it better to just deal with the debt rather than file for bankruptcy. If you are thinking about it still, you should consult a lawyer in your area. Most will give you a free, short consultation to tell you where you stand.
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