Deciding to file for bankruptcy is not as simply as filling out a few forms and going to the courthouse. In fact, there are a myriad of rules and regulations that must be met for a Chapter 7 bankruptcy to be officially recognized by a Florida court. For example, an important consideration is the “means test.”
The means test determines whether your current monthly income exceeds, or is less than, the state’s median income. If your currently monthly income is greater than the median income in Florida, the means test will require a more complicated expense formula to determine whether you are even eligible for bankruptcy under Chapter 7.