Every six months, specifically in May and November of each year, the United States Department of Justice updates the Median Family Income figures in every state. In turn, these figures determine whether an individual or a couple qualify to file a Jacksonville Chapter 7 Bankruptcy. More specifically, if your income is below the median income for your household size in your state, then you most likely qualify for a Chapter 7 Bankruptcy; however, if your median income is above the income allowed for your family size in your state, then you will have to file under Chapter 13 of the United States Bankruptcy Code.
How do I know if my income qualifies for a Chapter 7 Bankruptcy in Jacksonville, Florida?
You will have to pass something called the MEANS Test in order to qualify for a Chapter 7 Bankruptcy in Jacksonville, Florida. The MEANS Test is more or less a comparison between your income over the last six months and your household size.
The Median Family Income in Florida as of November 1, 2016 are:
- Family size of 1: $3,668 per month, or $44,021 per year;
- Family size of 2: $4,555 per month, or $54,655 per year;
- Family size of 3: $4,990 per month, or $49,881 per year;
- Family size of 4: $5,957 per month, or $71,480 per year;
- Family size of 5: $6,657 per month, or $79,880 per year;
- Family size of 6: $7,657 per month, or $88,280 per year,
- Family size of 7: $8,057 per month, or $96,680 per year.
For each additional family member you have, you can add $7,500 per year. Continue reading →