This form is a statement of financial affairs. This statement must be completed by every debtor. Some of the categories which must be completed by each debtor are: income from employment or operation of business; payments to creditors; and assignments and receiverships.
Florida Statement of Financial Affairs - Form 7
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How to fill out Statement Of Financial Affairs - Form 7?
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If the determined monthly income is over $12,475, then you'll very likely have to move forward with another bankruptcy option. Any monthly income between $7,475 and $12,475 will require further calculations to determine eligibility.
Filing bankruptcy in Florida requires that a $338 filing fee be paid to the Florida bankruptcy court. If you cannot pay the fee, you may request a fee waiver from the court. However, to qualify for a fee waiver, your income must be less than 150% of the federal poverty guidelines.
Under the bankruptcy laws in the state of Florida, personal property up to $1,000 is exempt.
Some of the forms you'll have to fill in a Florida Chapter 7 bankruptcy case include: Voluntary Petition for Bankruptcy. Florida Bankruptcy Schedule A/B: To list all your real property and personal property. Florida Bankruptcy Schedule C: Exempt property. Florida Bankruptcy Schedule D: Secured bankruptcy claims.
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.
3 to 6 months of bank statements ? The courts use bank statements to look for any potentially missed assets, sources of income, transfers, or payments to family members or preference payments to creditors.
Form 7, the Statement of Financial Affairs, contains a series of questions which direct the debtor to answer by furnishing information. If the answer to a question is "None," or the question is not applicable, an affirmative statement to that effect is required.
Disadvantages to a Chapter 7 Bankruptcy: If you want to keep a secured asset, such as a car or home, and it is not completely covered by your bankruptcy exemptions then Chapter 7 is not an option. The automatic stay created by filing Chapter 7 Bankruptcy only serves as a temporary defense against foreclosure.