Although
there are several substantive changes to the act, bankruptcy remains
an option for most people. A family of four who earns less than
$59,798 can still obtain Chapter 7 protection, while the income
limit for individuals who seek Chapter 7 relief in the State of
Florida is $35,883.00. Families and individuals who earn more than
these amounts can seek protection under Chapter 13 to avoid foreclosure
or wage garnishment. A Chapter 13 bankruptcy, however, will require
that regular payments be made to the court.
Although
the process of filing a bankruptcy has become more complicated and
expensive, many of the same benefits are still available to individuals
or families in financial distress. Thus, the assistance and advice
of an attorney is more important than ever for those considering
bankruptcy.
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