Both are really a means test that measures your income and your expenses in order to calculate how much money you have available to repay creditors.Įxpect the court to require information about wages and income including any commissions or bonuses you may have earned, large loans or gifts even if they are from your family, receipt of any trust assets or inheritance, dividend or interest income any distributions from your retirement fund and yes, even tax refunds. Consumers filing for bankruptcy case must complete Form 22A-1 if they are filing a Chapter 7 or Form 22C-1 if they are filing for Chapter 13. The means test is used to determine whether or not you are eligible to file for bankruptcy. There are basically three purposes for a lookback period. Purposes of Florida Bankruptcy Lookback Periods That’s especially true for cases involving fraudulent or improper transfers of assets, concealment of property, other prohibited activities, and bankruptcies involving federal government agencies.Ĭontinue reading to learn about the lookback period for Florida bankruptcy cases. It’s important to note that the lookback period may be longer in certain circumstances. This means that the trustee can scrutinize your financial transactions (for the two years leading up to bankruptcy), including but not limited to: The lookback period for most Florida bankruptcy cases is two years. What is the Lookback Period for Bankruptcy in Florida? If you performed a transaction that is against the rules during a bankruptcy lookback period, it could derail your bankruptcy petition. They vary in time according to the situation and factors involved. A bankruptcy lookback period in Florida is no different.Ī lookback period is a range of time in which the bankruptcy court or trustee can look back over your finances and transactions in order to make decisions that will impact your bankruptcy. Bankruptcies are federal actions but they are governed by both federal and state law. If you are considering either a Chapter 7 (liquidation) bankruptcy or a Chapter 13 (restructuring) bankruptcy, you should be aware of the impact of lookback periods.
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