Florida Means Test Figures Change November 1

Florida bankuptcy attorneys must use new median income figures as of November 1.The median income for the State of Florida for a household of one was increased slightly to $40,766. However, the other income figures have decreased: for a household of 2, $49,729; for a houshold of 3, $52,840; and for a household of 4, $62,742. For a household of 4, this is a $2400 decrease in the median income.

There was a significant change in the means test expenses that may help numerous over median debtors. Debtors who are over median income must complete the balance of the means test which deducts authorized expenses to determine eligibility for chapter 7 (or to determine the amount of required payments to unsecured creditors in a chapter 13) The allowed expenses for renters for Broward County bankruptcies was increased by over $200 per month for each household size. For example, for a household of 1, the allowance is now $1272, and for a household of 4, the allowance is now $1784.

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