A question we always get is, “do I qualify for bankruptcy.” The simple answer is YES, most people qualify for bankruptcy — even with a high income. But for individuals, there are two main types:
Chapter 7 – Best for those with limited income.
Chapter 13 – Available regardless of income.
To file for Chapter 7, you must pass either the Median Income Test or the Means Test. It can be confusing, but I’m here to guide you through it.
✅ Step 1: Median Income Test (Florida, as of May 2025)
If your household income is below Florida’s median based on your family size, you likely qualify:
Household Size Annual Income Monthly Income
1 person $63,916 $5,326
2 people $78,785 $6,565
3 people $91,290 $7,608
4 people $104,626 $8,719
5 people $114,526 $9,544
6 people $124,426 $10,369
7 people $134,326 $11,194
8 people $144,226 $12,019
9 people $154,126 $12,844
***For households over 9 people, add $9,900/year or $825/month per person.
How to calculate your average income:
- Add up your income from the past 6 months.
- Divide by 6 to find your monthly average.
- Multiply that by 12 to get your annual income.
If your income is below the median: ✅ You likely qualify.
If your income is above the median: Move on to the Means Test.
🧾 Step 2: Means Test
The Means Test helps determine if your expenses are high enough that you still qualify for Chapter 7 — even with a higher income.
You can subtract many allowable expenses, including:
Mortgage or car payments (if you’re keeping the property)
Federal, state, and local taxes owed
Required employer deductions (retirement plans, union dues, uniforms)
Insurance (health, disability, term life)
Job-related or special education expenses
Childcare
Court-ordered payments (e.g. child support)
Expenses for caring for a disabled, elderly, or chronically ill household member
Next, calculate your disposable income:
Subtract allowable expenses from your average monthly income.
Multiply the result by 60.
Then compare:
Less than $9,075 → ✅ You qualify.
More than $15,150 → ❌ You likely don’t (but exceptions may apply).
Between $9,075 and $15,150 → More calculations are needed.
⚠️ Exceptions to the Means Test
Some people are automatically exempt from the means test:
Business Debt Exception: If most of your debt is business-related.
Disabled Veteran Exception: If you’re a veteran with a 30%+ disability rating and incurred debt on active duty or in homeland defense.
If you qualify, you’ll need to file a form explaining your situation.
👋 Need Help Deciding?
Filing for bankruptcy can feel overwhelming — but you don’t have to do it alone. I’ve helped countless clients determine if Chapter 7 is right for them and guided them through the process from start to finish.
📞 Call me today at (813) 222-8210 for a free consultation. Let’s find out if Chapter 7 bankruptcy is your path to financial relief.
The information provided on this page is for informational purposes only and does not constitute legal advice or create an attorney-client relationship. Please contact a licensed bankruptcy attorney to determine your bankruptcy eligibility options.