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FiveStarLaw
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Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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What is the threshold dollar limit to file for chapter 7 and

Resolved Question:

What is the threshold dollar limit to file for chapter 7 and then for chapter 13?
We have a short sale situation from our prior questions and may need to pursue one of these options if Bank of America wont negotiate.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 2 years ago.
Welcome Back to JustAnswer,

Thank you for your new question.

There is no minimum amount or threshold dollar limit to file for a chapter 7 or 13 bankruptcy. Bankruptcy is an available option regardless of minimum amounts that are owed
Customer: replied 2 years ago.
Is there an earning limit to each? Household cannot make over X dollars to enter either 7 or 13?
Expert:  FiveStarLaw replied 2 years ago.

In order to file a chapter 7 bankruptcy, you must pass a means test that compares your family income with the median income of the family of the same size in your state. If you are at or below the median income, you pass the means test in are eligible to file a chapter 7 bankruptcy. If you are above the median income, you must pass an additional test which compares your disposable income and unsecured debts.

The median income in Florida for a family of two is $49,321. The median income for family of 4 is $64,084.
Customer: replied 2 years ago.
Ok so earning $160k household of 2 makes us above that $49k number so we would need to take other tests to further qualify? Is that correct?
Expert:  FiveStarLaw replied 2 years ago.
Yes. I cannot determine whether you would meet the other tests on this forum.
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36458
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 3 other Bankruptcy Law Specialists are ready to help you

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