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Chapter 7 Bankruptcy is the legal procedure where most forms of unsecured debt are forgiven and most of your non-exempt assets are liquidated. In order file a Chapter 7 bankruptcy in Florida, you must be a permanent resident of Florida or own property in the state. There are three bankruptcy districts in Florida (Southern District, Middle District, and Northern District), and each of Florida’s counties is assigned to one of the three bankruptcy districts.
The Middle District has three separate divisions: Jacksonville, Orlando, and Tampa/Fort Meyers. To file in the Orlando Division, you must be a resident of Brevard, Lake, Orange, Osceola, Seminole, or Volusia County, which includes Daytona Beach and Ormond Beach.
When you file a Chapter 7 bankruptcy in Florida, the Chapter 7 Trustee takes control of your “non-exempt” property and sells it for the benefit of your unsecured creditors. The Trustee cannot take your exempt property, and you may keep all of your exempt property regardless of its value and amount.
How does the system determine whether you can afford to repay something to creditors? First, it looks at your income. If you earn less than the median for a Florida family of similar size, you’re presumptively entitled to file for Chapter 7. However, if your income is above the median, your income and expenses will be evaluated under the means test.
The means test is the signature “accomplishment” of bankruptcy reform. It is a complicated government formula that allows deduction of your actual expenses in some cases and only government allowed expenses in others. Too much disposable income after expenses disqualifies you from the relatively speedy Chapter 7 process. A good bankruptcy lawyer will be able to help you crunch the numbers to determine whether you qualify. If you don’t, there’s always Chapter 13.