Bankruptcy Tallahassee

If you are thinking of filing for Chapter 7 or Chapter 13 bankruptcy in Tallahassee, that is a good decision. Bankruptcy is a popular option for debt relief and many people in Florida have had bankruptcy relief. Tallahassee is no exception. In fact, 33,898 bankruptcies were filed in Florida during the year ending. Given the population of 45,000, I would estimate that a fair amount of them was in Tallahassee.

Chapter 7 Bankruptcy in Tallahassee 

Chapter 7 bankruptcy is the most popular consumer bankruptcy in the United States. People love the simplicity and low cost of Chapter 7 bankruptcy. They also appreciate the speed of debt relief. A Chapter 7 bankruptcy can help you get debt relief in Tallahassee in as little as 120 days.

Tallahassee Chapter 7 bankruptcy is difficult because you must qualify. To be eligible, you must pass the Florida bankruptcy means test. 

Chapter 7 Qualification

The means test begins by comparing your income to Florida’s median income level. It takes into account the average income and family size.

Below is the Tallahassee Chapter 7 Qualification Calculator. It will help you estimate your qualifications.

The most recent Florida median income levels are for cases that were filed after May 15, 2022. They can be found below.

If your income is higher than the median, you will be able to proceed to the second section of the means test to determine qualification. The second part is to determine your actual expenses. Our guide covers determining whether you are eligible for Chapter 7 bankruptcy.

Let’s take, for example, that the median rent in Tallahassee amounts to $1023. But, let’s suppose your rent is near twice that amount. These additional expenses could make it possible to qualify for Chapter 7 bankruptcy. You can only declare a limited amount of expenses. The current national standard is the limit, but it’s worth speaking with a Tallahassee bankruptcy attorney to discuss your situation.

Chapter 13 Bankruptcy in Tallahassee 

Also known as a wage earner bankruptcy. Chapter 13 bankruptcy is voluntary debt restructuring and is for people who have debts they are unable to manage. Chapter 13 bankruptcy also allows them to reorganize their assets. People file for Chapter 13 bankruptcy when they are not eligible for Chapter 7.

Tallahassee residents can file for Chapter 13 bankruptcy if they have less than the debt limit.

Chapter 13 Bankruptcy is not liquidated like Chapter 7. The discharge will not be completed until approximately 3 to 5 years after the bankruptcy filing. Your credit report will be affected by the Chapter 13 bankruptcy for seven years.

Tallahassee Bankruptcy Attorney Charges

We recommend you focus on these five attributes when searching for a bankruptcy lawyer: Rate, Reliability, Referrals, Reviews, and Relevancy. For the best bankruptcy lawyer in Tallahassee, Bruner Wright P.A. is your best choice.

Tallahassee’s Chapter 7 bankruptcy lawyer fees are estimated at $1000-3000. While Tallahassee’s Chapter 13 bankruptcy lawyer fees range from $3500 to $4000. The Chapter 13 attorney fees are often distributed across the district. This means that different Chapter 13 bankruptcy lawyers in the same district might charge the same amount.

Tallahassee Bankruptcy Lawyers

If you are looking to hire a bankruptcy attorney in Tallahassee, it is important to research their reputation. This is advice on finances that will affect your future. It could cost thousands more to make sure you are in Chapter 7 bankruptcy vs Chapter 13 than it would take and can also mean you spend years waiting.

Chapter 7 Bankruptcy Lawyer

Tallahassee is home to a population of 45000, as mentioned above. Many people in bigger cities like Miami or Jacksonville would prefer to have a local bankruptcy lawyer. In smaller cities, people are often concerned about whether bankruptcy will be reported in the local newspaper or whether their friends will know about it.

Chapter 13 Bankruptcy Lawyer

Tallahassee is a more difficult place to file a Chapter 13 bankruptcy so you may consider a Chapter 13 bankruptcy that is closer to you. Fortunately, you can submit your documentation online, thanks to the internet and pandemic.

Final Thoughts

Tallahassee Chapter 7 bankruptcy or Chapter 13 bankruptcy can offer debt relief. To help you make an informed decision, you might want to look at the costs of bankruptcy in Tallahassee as well as the various bankruptcy chapters and reputable lawyers in Tallahassee.

Consult a Florida Bankruptcy Attorney Today!

Our Florida bankruptcy law firm is available to serve clients throughout Tallahassee to Jacksonville Florida. Schedule a complimentary bankruptcy consultation with an experienced bankruptcy lawyer today. Bruner Wright P.A. can help you find a cost-effective solution to your debts while protecting your assets from creditors and bankruptcy court. Contact us now!