When your income is the same as or less than the monthly median income of your state’s residents, you are eligible to file for Chapter 7 bankruptcy. When your monthly income is higher than the median Florida resident’s income for a family of your size, you must perform calculations under the means test to determine Chapter 7 eligibility. Calculations are complicated. When determining your monthly income, there are numerous deductions you may be able to take listed in Section 707(b)(2) of the Bankruptcy Code. This Bankruptcy Code section fully describes the requirements for the means test calculations. For example, you can take deductions for certain living expenses, such as the following:
An Ormond Beach bankruptcy attorney can review your income and help you perform the necessary calculations to find out whether Chapter 7 is an option. There are also many other factors to consider when deciding whether to file for bankruptcy.
Our attorneys at Mara & Mara have strong financial backgrounds ― a degree in finance and a master’s degree in business administration. Combined with our knowledge about bankruptcy, our financial and business knowledge helps us provide excellent legal assistance to clients struggling with debt.
Mara Law, P.A. is located in Ormond Beach, FL and serves clients in and around Bunnell, New Smyrna Beach, De Leon Springs, Palm Coast, Daytona Beach, Flagler Beach, Barberville, Pierson, Seville, Port Orange, Flagler County and Volusia County.
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