Florida Voluntary Petition - Form 1

State:
Multi-State
Control #:
US-BKR-F1
Format:
PDF
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Description

This form is a voluntary petition. The form contains the following information: type of debtor, nature of the debts, estimated assets, and estimated debts.

How to fill out Voluntary Petition - Form 1?

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FAQ

11 U.S.C. § 1325. In chapter 13, "disposable income" is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income.

Those who earn too much money may be forced into Chapter 13. If you undergo a substantial reduction in income while the Chapter 13 plan is in place, you can file a notice of conversion. The Chapter 13 plan ends and the case proceeds as a Chapter 7.

Most lawyers in Florida charge between $1,500 and $3,000 for a Chapter 7 bankruptcy. If the debtor is not under median income, then attorneys will usually charge more to conduct what is called a means test. The means test determines whether the debtor is eligible to file bankruptcy.

A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.

There are debt requirements to file Chapter 13 bankruptcy in Florida. Unsecured debts must be less than $394,725, and secured debts must be less than $1,184,200. Secured debts are loans that have collateral, such as car loans and mortgages. On the other hand, unsecured debts have no collateral.

Filing Chapter 7 bankruptcy in Florida includes the following steps: Determine if bankruptcy is the best option. ... Evaluate applicable exemptions. ... Prepare the bankruptcy petition. ... Automatic stay. ... Assignment to a Chapter 7 trustee. ... Objection to exemptions. ... Adversary claims. ... Bankruptcy discharge.

The court may deny an individual debtor's discharge in a chapter 7 or 13 case if the debtor fails to complete "an instructional course concerning financial management." The Bankruptcy Code provides limited exceptions to the "financial management" requirement if the U.S. trustee or bankruptcy administrator determines ...

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Florida Voluntary Petition - Form 1