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How to use or fill out Florida Southern District Bankruptcy Guide and Forms Package for Chapters 7 or 13 - Florida
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Begin by reviewing the preliminary notes regarding filer types. Ensure you understand whether you are filing as an individual or a non-individual entity.
Decide between Chapter 7 and Chapter 13 based on your financial situation. If opting for Chapter 7, complete the Chapter 7 Statement of Your Current Monthly Income (Official Form 122A-1) to determine eligibility.
If your income exceeds the state median, proceed to fill out the Chapter 7 Means Test Calculation (Official Form 122A-2). This will help assess your ability to repay debts.
For Chapter 13 filers, draft a repayment plan detailing how you intend to pay creditors over time. Make sure this plan aligns with your income and expenses.
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However, there is no maximum income to qualify for Chapter 13 bankruptcy in Florida. The means test for Chapter 13 bankruptcy determines the following: Whether you have sufficient income to follow through with a payment plan. Whether your repayment plan will last for three years or five years.
What is the income limit for Chapter 7 bankruptcy in Florida?
Chapter 7 bankruptcy is known as the liquidation chapter. Basically, your non-exempt assets will be sold off to pay your creditors. This usually takes less than six months. Chapter 13 bankruptcy involves a payment plan that takes anywhere from three to five years.
Is it better to file a Chapter 7 or 13?
A Chapter 7 bankruptcy will discharge most or all of your debt but you are limited in how much property you can keep and you must pass the means test to qualify. Chapter 13 restructures the debt it into a repayment plan where you may pay a portion or all of the debt over time.
Whats the difference between Chapter 7 and Chapter 13 bankruptcy in Florida?
Generally, Chapter 7 is more appropriate for simple cases while Chapter 13 for more complicated bankruptcies. Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets.
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Bankruptcy Forms ; B 108, Statement of Intention for Individuals Filing Under Chapter 7, Individual Debtors ; B 113, Chapter 13 Plan, Individual Debtors ; B 119
CHAPTER(S) OF BANKRUPTCIES: Chapter 7, Chapter 13. REPRESENTATION BY: Lawyers. ADDITIONAL INFORMATION: We have ten intake sites throughout the Indianapolis
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