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What is the Florida bankruptcy means test?

Florida residents who decide that filing for bankruptcy is in they and their family's best interest still have a number of factors to take into consideration. For one thing, you must know whether it is more appropriate to file for Chapter 7 or Chapter 13 bankruptcy. The bankruptcy means test is used in the state of Florida to determine if your household's median income qualifies you for Chapter 7 bankruptcy.

Among other things, the Florida bankruptcy means test is used in cases involving higher income bankruptcy filers. As is explained on floridabankruptcylaws.com, if you pass the means test it typically means that your income is lower than the state median and that you qualify to file for Chapter 7 bankruptcy. Your median income can be calculated by determining your average monthly income over a six-month period. All of your sources of income should be accounted for when figuring your overall income level, and that number should be compared to the state average.

There are several other considerations that may make you automatically pass the means test, and make you eligible to file for Chapter 7. For instance, if you incurred the majority of your debt while in active duty military service you may qualify for Chapter 7 if you are now a disabled veteran. You also may not have to pass the means test if consumer debts do not comprise the majority of your financial liabilities.

Depending on the particular circumstances of your case, other factors may play a role in determining whether or not Chapter 7 bankruptcy is the most appropriate financial relief option for you and your family. Consequently, the information provided here is not intended to be used as legal counsel.

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