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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
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).
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.
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.
The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.
A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.Get Help Now