Chapter 7 bankruptcy allows a person to liquidate their non-exempt assets and distribute the proceeds to creditors in exchange for discharge of their debts. Orlando bankruptcy attorney Walter Benenati, who has filed for bankruptcy himself, will use his personal experience and knowledge of Florida bankruptcy law to develop a positive solution for you.

Are You Eligible for Chapter 7?

Although Chapter 7 is the most common form of bankruptcy, not everyone is eligible to file for it. In 2005, Congress passed the Bankruptcy Protection Act (BAPCPA), which established a means test that determines whether or not an individual is eligible to file for Chapter 7 bankruptcy. Under this means test, someone who wants to file for Chapter 7 bankruptcy must show an average income that is below the state’s median income in order to qualify.

In Florida, a one person family with an average monthly income of $3,493 or a 6-month total of $20,958 may qualify for Chapter 7. Some judges look to your ability to pay as part of the “totality of the circumstances” test that may bar you from Chapter 7 bankruptcy, even if your income is above or below the median. An experienced bankruptcy attorney like Walter Benenati can make sure that you’ve properly calculated your income and are truly eligible for Chapter 7.

If calculating your income and ability to pay sounds like a lot of work to you, let the Benenati Law Firm handle your Chapter 7 bankruptcy. Our skilled bankruptcy attorneys will walk you through the paperwork and if you do not qualify for Chapter 7, will help you pursue a Chapter 13 bankruptcy action instead.

Filing for bankruptcy in Central Florida can be extremely complex. Call 407-BANKRUPT (407-777-7777) to get bankruptcy advice from the Benenati Law Firm, bankruptcy attorneys who know what you’re going through and can help you restart your financial life.