Bankruptcy Attorneys in Mississippi
Finding a bankruptcy attorney in Mississippi can be a difficult challenge
How do you know if your rights and your property will be protected? If you live in Mississippi and you are the victim of the economic slowdown, if you lost your job, if you have unexpected medical bills or you are facing a home foreclosure and are unable to pay your bills, you may be looking for a financial solution.
Over one million people had to file personal bankruptcy last year for a variety of financial reasons. Filing bankruptcy with an experienced Mississippi lawyer may help you:
Mississippi lawyers help stop home foreclosure
End certain types of wage garnishments
Attorneys can help stop harassing creditor calls
Discharge hospital bills
Wipe out credit card debt and penalties
Bankruptcy law has been create by the federal government to allow individuals who are unable to pay their creditors to discharge all or most of their unsecure debt by filing Chapter 7 Bankruptcy or to restructure their debt payments by filing Chapter 13 Bankruptcy. Prior to filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, it is important to talk to a Mississippi bankruptcy lawyer who can answer your questions and determine if can qualify to file Chapter 7 or Chapter 13. Filing bankruptcy is an important financial decision and should not be done with out consulting a bankruptcy attorney in Mississippi.
Our attorneys come from well-established and well-respected law firms that deal exclusively in consumer debt.
Take the free confidential legal evaluation and a professional and highly skilled Mississippi Bankruptcy Attorney near you will contact you to discuss your possible case. Whether filing a Chapter 7, Chapter 13 or bankruptcy alternative, we can give you the information and tools you need to make the best decision for you.
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Chapter 13 Bankruptcy in Mississippi
If you make too much money to file Chapter 7 Bankruptcy in Mississippi, or if you do not want to liquidate your assets, you may be able to file Chapter 13 Bankruptcy. Filing chapter 13 bankruptcy does not immediately discharge your unsecure debts, but will allow you to restructure your debt payments with a new debt repayment schedule. Often the schedule may have more favorable repayment terms. The debt repayment schedule will be a three to five year plan and if completed, it will allow you to discharge your unsecured debts at the end of the schedule.
A trustee is assigned to your bankruptcy case and will monitor and manage your bankruptcy plan. Creditors will not be allowed to contact you while you are under Chapter 13 Bankruptcy protection (this may not include creditors who are collecting for non-dischargeable debt which is not under your plan).
Contact a bankruptcy attorney in Mississippi who will work with you to file all the necessary bankruptcy forms, petitions and schedules and help you develop your bankruptcy repayment schedule.
If you file Chapter 7 or Chapter 13 Bankruptcy in Mississippi, there are certain possessions and property which will be protected from the bankruptcy process. These assets are called exemptions and they have been created by federal bankruptcy law to enable you to start over after filing bankruptcy.
There are certain states which have created their own state bankruptcy exemption list in addition to the federal bankruptcy exemption list. In many states you will be required to only use the state bankruptcy exemption list and in other states you may choose between the federal bankruptcy exemption list and the state bankruptcy exemption list. In the state of Mississippi you may not use the federal bankruptcy exemptions and must use only the state of Mississippi Bankruptcy Exemptions.
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Chapter 7 Bankruptcy in Mississippi
Most people who file bankruptcy will file Chapter 7 Bankruptcy. Chapter 7 Bankruptcy is the cheapest, least complicated and fastest way to discharge all or most of your unsecured debt. Filing chapter 7 bankruptcy will allow you to discharge your debt with in four to six months by liquidating your assets and using the proceeds from the sale to repay your creditors. A trustee is appointed by the bankruptcy court to manage the sale. All creditors will be paid according to their priority under bankruptcy law. Individuals, partnerships, corporations, and married couples all may qualify to file Chapter 7 Bankruptcy.
The first step in filing chapter 7 is to contact a Mississippi Bankruptcy Attorney who will file the bankruptcy forms, including the petitions, schedules and statement of financial affairs in the appropriate bankruptcy court. After the petition is filed, an automatic stay is imposed on all debt collection efforts. The automatic stay may be temporary if a judge decides there is cause to continue debt collection.
There have been several changes to federal bankruptcy law. The main changes were enacted in 2005 under the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA). The BAPCPA made it more difficult to file Chapter 7 Bankruptcy by requiring individuals to pass an income test. The goal of the legislation was to force more people to repay some or all of their debt by filing Chapter 13 Bankruptcy. The BAPCPA also requires all individuals to pass a credit counseling course prior to filing bankruptcy and complete a financial management course before debt is discharged.
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Means Testing, Median Income, and Chapter 7 Bankruptcy
To file Chapter 7 Bankruptcy, you must pass an income test. The income test compares your median income with the income of other families in your state. If your median income is less than the median income compared to other similar sized families in Mississippi, you may be able to file Chapter 7 Bankruptcy. If your income is higher than other Mississippi families, you will have to pass additional means testing.
Means testing is used to determine how much disposable income your family has and if it is enough to repay your debts. The means test will take your gross income and subtract certain outlined expenses including: house payment, car payment, child support, taxes owed and limited school expenses. If the amount that is left will allow you to pay $6,000 or $100 per month toward unsecure debt payment over the next 60 months, you may not be able to file Chapter 7 Bankruptcy. If you can not do that, but you could pay up to 25% of your disposable income toward debt repayment over the next 60 months, you may not be able to file Chapter 7 Bankruptcy.
The median income for the state of Mississippi is published by the United States Trustee program. The State Median Income for the state of Mississippi, after March 15, 2009, for a single wage earner is $32,348. For a family of two it is $41,934 and for a family of three it is $46,470. For a family of four it is $55,759.
This information is very general and should not be considered legal advice. Means testing can be complicated and should be discussed with a Mississippi Bankruptcy Lawyer.
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Means Test: as defined in our Bankruptcy Glossary
Need to File Bankruptcy in Mississippi?
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