The means test in Chapter 7 bankruptcy only applies to higher income bankruptcy petitioners. According to bankruptcy law, this means test is only for those whose income is higher than the Florida median according to family size. The means test applies for filers whose debt is primarily consumer debt. If your debt is primarily "business" debt (as opposed to "consumer" debt) then you are allowed to file Chapter 7 case without regard to your current level of income. Additionally, disabled … [Read more...]
Bankruptcy, Chapter 7 or Chapter 13 What’s the Difference?
Bankruptcy is governed by federal law and all bankruptcy proceedings are heard in federal court. In our area, the bankruptcy court is located in Tampa. In most instances, bankruptcy for individuals will usually mean filing a chapter 7 or a chapter 13 bankruptcy. Essentially, there are some basic differences between the two and I can help you choose which is appropriate for your particular financial situation. While bankruptcy is complex, there are some fundamental differences between … [Read more...]
