This becomes very relevant because your ability to file a chapter 7 is based upon your income and expenses.  That threshold varies due to your household size.  As of October 2023, the Florida chart for the median income to qualify for a Chapter 7 is as follows:

 

One person household               $60,429

Two-person household              $74,131

Three-person household:            $83,396

Four-person household:             $100,476

Five-person household:              $110,376

Six-person household:               $120,276

Those numbers typically get adjusted twice annually for inflation.  A dependent can be anyone age 18 or younger residing in your house at least 50% of the time.  College age children are still considered dependents, as long as, they are between the ages of 18-24 and are full-time students.

If you have a partner, disabled or elderly family member who resides in your household they may qualify as dependents if they don’t work and you are providing more than half of their financial support.  Two people cannot claim the same individual as a dependent on their tax returns.  For example, you have your child and grandchildren living with you.

You are the person really providing more than one half of the financial support for your grandchild, but your child wanted to declare them as a dependent to get a tax refund.  If you are counting someone in your household as a dependent, the tax returns should be consistent and reflect that.

Typically, if someone is divorced and they have 2 children 50/50 custody we list one child as the dependent not two.  There are situations where it can be tricky so it’s best to consult with an attorney to make sure you are claiming the correct number of dependents.

 

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