New Means Test Numbers Out For Florida Bankruptcy Debtors – How to Qualify for a Chapter 7 Bankruptcy

2019-Florida-Median-Income-BankruptcyThe new median family income figures became effective this week for those about to file bankruptcy.

For Florida, one wage earner = $49,172

Household of two:  $60,400

Household of three:  $66,872

Household of four:  $78,833

A family earning more than the median family income may not necessarily be barred from filing a Chapter 7 bankruptcy.  The key is whether your disposable income is more than say $100 – $150 or so over the allowed amount after factoring in the means test.  Most reasonable and necessary expenses are allowed under the means test to help debtors obtain a fresh start.

New expense numbers are out as well, and as expected, they have risen slightly in most categories.  This may help someone who was borderline last year, qualify either for a Chapter 7 or a lower payment Chapter 13.

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