Bankruptcy cases are now emerging as the ones that are being filed in large numbers in the courts of United States. The latest statistics available with the United States Bankruptcy Court - Middle District of Florida shows that for the Month of June-2012, there are in total 3842 bankruptcy cases filed in the entire district of Florida comprising of Jacksonville, Orlando, Tampa, and Fort Myers. These bankruptcy cases are filed under Chapter 7, Chapter 11, Chapter 13, and Chapter 15 of bankruptcy respectively.
The most common form of bankruptcy proceedings are filed under Chapter-7 and as per the statistics there are about 2824 main cases filed in the U.S. Bankruptcy Court - Middle District of Florida under this chapter. The petition for somekeyword can be filed by corporations, partnerships, married couples and individuals. After a petition is filed under this chapter, a court appointed trustee helps in gathering and selling non-exempt property.
Before filing for Chapter 7 bankruptcy- Jacksonville, there are some eligibility conditions that should be met and the rules vary depending upon the type of the case, an individual or petitioner may want to file. There is a mean test before filing the case. Under this head, there are two parts to determine - the first part consists of a threshold limit that is based on the median income as per the state of the claimant. The median income amount varies based on the number of people in the household of the petitioner. The second part of the mean test is for those petitioners who have enough excess income to pay 25% of their unsecured debts after meeting their basic needs.
A bankruptcy lawyer can help the individual filing for bankruptcy in assessing his/her financial situation and guide in completing the right forms in getting the case going forward. Trying to file case under somekeyword without meeting the above mentioned threshold or mean tests can result in the court converting the case to Chapter 13 or dismissing it entirely. After filing petition for bankruptcy under Chapter 7 bankruptcy, the petitioner has to attend a 341 hearing between 20 to 40 days of filing the petition where a trustee questions about the assets and debts of the concerned petitioner under oath. Eligibility under Chapter 7 also includes mandatory credit counseling and budget analysis of the petitioner filing for bankruptcy.
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