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Do I qualify for Chapter 7 Bankruptcy?

Insightful Analysis of Your Financial Situation

At the Law Office of Yvette Gonzalez Costa, P.A., one of the most frequent questions we answer for clients is "Do I qualify for Chapter 7 bankruptcy?" Sometimes, we are able to give a quick, straightforward answer. In other cases, we have to conduct a more in-depth analysis to give an accurate answer.

No matter how involved the situation is, at our firm we give you direct answers from the attorney who will handle your case. We then walk you step by step through the bankruptcy process, so that you will have a lawyer by your side at all stages of your case.

Chapter 7 Criteria in Florida

In Florida, to qualify outright for Chapter 7 under the Median Income Test your gross income for the six months prior to filing bankruptcy, called the look back period, must be equal to or less than:

  • Single person household — $42,041
  • Two person household — $51,287
  • Three person household — $54,496
  • Four person household — $64,710

If you and your family are over these income thresholds, you will not automatically qualify for Chapter 7. However, you may still qualify under an extended calculation. This calculation is known as the Median Income Test. This test takes your gross income and then modifies it based on allowances for expenses such as housing costs, car payments, insurance payments and many other expenses. We make sure that every possible allowance is considered, so that your financial situation is accurately reflected in this test. After factoring in these allowances, your disposable monthly income (DMI) is calculated and you will know if you qualify or not for a Chapter 7. If you still have too much income, you will have to use Chapter 13 to get the debt relief you need.

Contact a Hialeah Attorney to Discuss Bankruptcy Eligibility

To schedule a free initial bankruptcy consultation with an experienced lawyer who can answer the question "do I qualify for Chapter 7 bankruptcy?," contact us at 800-648-7063 or fill out our online form.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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