Florida bankruptcy law?

Is there a minimum amount of debt owed in order to file a Chapter 7 in Florida?

This entry was posted on Tuesday, November 18th, 2008 at 4:13 pm and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

7 Responses to “Florida bankruptcy law?”

1. Garden by M Says:
   November 19th, 2008 at 9:24 pm

   I don’t think so, but if it’s not that much DO NOT file, it would be stupid. ten yrs on your credit report and unable to buy a house or car at a decent interest rate.

2. P J Says:
   November 21st, 2008 at 4:17 pm

   In actuality YOU, if you file BK, will qualify for a home loan much faster than someone who trys to pay off their debt instead of dumping it on the rest of us.

   The pits ain’t it!

3. Adam L Says:
   November 21st, 2008 at 6:06 pm

   Contact a bankruptcy lawyer - the initial consultation should be free.

   The good news is that you picked the right state to go bankrupt in. There is a reason OJ moved to Florida. Florida lets you keep more of your assets, especially real estate, than any other state in the union.

   –>Adam

4. OC1999 Says:
   November 22nd, 2008 at 9:33 am

   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.

5. SPIFIMAN1 Says:
   November 25th, 2008 at 7:58 am

   Bankruptcy laws are Federal not State. Type in Federal bankruptcy laws and you will find several sites that allow you to take a test to see if you qualify for chapter 7 bankruptcy or not.

6. david l Says:
   November 27th, 2008 at 5:35 am

   i don’t think so… but be careful before filing… can really be a big problem.

7. Tomk Says:
   November 29th, 2008 at 2:57 pm

   Yes. You must meet a “means test” and a “totality of the circumstances test” before you can file. You need to visit a bankruptcy attorney.