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You’re considering a Chapter 7 or Chapter 13 bankruptcy filing in Tallahassee. Bankruptcy is one of the most common ways to reduce debt. Tallahassee has not been left out of the bankruptcy relief that many Floridians have experienced. There were actually 33,898 bankruptcy filings in Florida for the year ending June 30, 2021. Tallahassee has a population of around 1945. I would estimate that a good number of these were filed in Tallahassee.
Chapter 7: Bankruptcy Tallahassee
Chapter 7 bankruptcy has become the most popular consumer bankruptcy in America. The simplicity of Chapter 7 bankruptcies, their cost, and the speed of debt relief are all appreciated by people. In Tallahassee, for example, you can get debt relief within 120 days by filing a Chapter 7 bankruptcy.
Chapter 7 Qualification
First, you must compare your income to Florida’s median income level. It takes into account the average income and family size.
You can use the Tallahassee Chapter 7 Qualification Calculator below to estimate your eligibility.
Below, you will find the latest Florida median income levels for cases that were filed after May 15, 2023.
| Number of People | Annual Income |
|---|---|
| 1 | $60,429 |
| 2 | $74,131 |
| 3 | $83,396 |
| 4 | $100,476 |
| 5 | $110,376 |
| 6 | $120,276 |
| 7 | $130,176 |
| 8 | $140,076 |
| 9 | $149,976 |
You can then move to the second part to calculate your qualification if you exceed the median income. The second part of the means test involves understanding your actual expenses.
Let’s say, for example, that the median rent in Tallahassee, Florida is $1023. But, let’s assume your rent is nearly double that amount. You may still be able to qualify for Chapter 7 bankruptcy if you have additional expenses. You can only claim a certain amount of expenses. The national standard is the limit. However, you should consult your attorney to discuss this.
This post was written by Trey Wright, a Chapter 11 Bankruptcy Lawyer in Jacksonville FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, specializing in bankruptcy law, estate planning, and business litigation.
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