Bankruptcy May Be The Right Choice
If youve heard of bankruptcy, you probably know that there are two main types that are useful for consumers: Chapter 7, and Chapter 13. Well work together to choose which is most efficient for your individual needs , but rest assured that both protect you from creditors throughout the process. Repossessions, foreclosures, and collection attempts must all be stopped for the duration of your case.
Is Chapter 7 bankruptcy or Chapter 13 bankruptcy the right answer for you? Talk to an experienced bankruptcy attorney in an absolutely FREE discussion about your financial problems. Get the answers you need.
How Do I Find A Bankruptcy Lawyer
To protect your property and get a fresh financial start, you can find a local Mississippi bankruptcy attorney today.
Note: State laws are always subject to change through the passage of new legislation, rulings in the higher courts , ballot initiatives, and other means. While we strive to provide the most current information available, please consult an attorney or conduct your own legal research to verify the state law you are researching.
How Mississippi’s Bankruptcy Exemptions Work
You can protect property covered by an exemption regardless of whether you file for Chapter 7 or 13. But each chapter treats nonexempt propertythings not covered by an exemptiondifferently.
- In Chapter 7 bankruptcy, the bankruptcy trustee sells nonexempt property and distributes the proceeds to creditors.
- In Chapter 13 bankruptcy, you keep everything you own. However, you must pay the value of the nonexempt property equity in your repayment plan, or your disposable income, whichever is more.
Also, spouses can double the exemption amount if they both own the property for all exemptions other than the homestead exemption. And you can use exemptions on the federal nonbankruptcy exemption list, as well as protect stimulus payments, tax credits, and child credits in bankruptcy with the federal COVID-19 recovery rebate exemption.
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Rollins Law Firm Has Gave Me Hope During A Dark Time
I was searching the web for information in on filing bankruptcy and discovered Rollins Law Firm. My situation was so uncertain and overwhelming but after consulting with Grayson, Jennifer, and Alex at Rollins Law Firm has gave me hope during a dark time. I am grateful for the help that I received and recommend Rollins Law Firm to anyone that is having difficulty with debt and dont know where to start. There is a rainbow at the end of every tunnel.
Northern District Of Mississippi Requirements
The Northern District of Mississippi makes up the northern half of the state and has hearing locations in Aberdeen, Oxford, and Greenville though, if you’re heading to court to file your Chapter 7 bankruptcy in Mississippi, you have to go to the Aberdeen location. The other locations are used for hearings in the district but don’t have any bankruptcy clerks staffed there permanently. The county you live in determines which division your case will be assigned to after filing.
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Definitely Give This Place Your Business You Wont Regret It
I used this firm in April and was blown away by how simple they helped to make the process for me. Every question I had, no matter how repetitive it was, they answered. I worked with Jessica a lot and she was amazing. Very patient and knowledgeable! If i could give them more stars I would. Definitely give this place your business, you wont regret it!
Helping Clients Throughout Ridgeland Jackson And The Surrounding Areasexplore Their Bankruptcy Options
Are you contemplating bankruptcy as a way to resolve your financial problems?You will first need to find out if you qualify toeliminate your tax debt through bankruptcy. Next, you must choose the bankruptcy option that willwork best for your situation. Both of these tasks can be challenging tocomplete on your own.
Our Mississippi bankruptcy lawyer at Damiens Law Firm, PLLC can evaluateyour finances and help you understand your options. Do not worry, dealing with atax professional does not have to be painful. In each case we handle, we striveto make the process go as smoothly and efficiently as possible to removeyour burdennot make it greater.
Let a skilled tax attorney review your options with you. Call today to schedule your free consultation.
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You Can Also Find Simplified Versions Of The Test Online
You’ll have to answer questions regarding: In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. How do i file for bankruptcy in mississippi? How to file bankruptcy without a lawyer? If you don’t have a lawyer and your income is low enough, the court may waive the fee everyone filing chapter 7 in mississippi normally has to pay. There’s a reason that over one million people file bankruptcy each year, and it’s not because they are bad people. Foreclosure lawyers can file a lawsuit when a lender breaks the laws and violates the homeowner’s rights. People are permitted to represent him or herself as a pro se debtor. But, bankruptcy can be good.while bankruptcy cases have generally declined in the u.s., mississippi has seen an 11.7% increase in total bankruptcy filings from january to september 2017 compared to the same time period the previous year. You’ll also have to take a debtor education course before you get a bankruptcy discharge. 1 answer | asked in family law and bankruptcy for mississippi on mar 19, 2018 q: They are unlikely to have any change, so it is advisable to have the exact fee when you present your forms. Subpoena to appear and testify at a hearing or trial in a bankruptcy case subpoena to testify at a deposition in a bankruptcy case subpoena to produce documents, information, or objects or to permit inspection in a bankruptcy case
What To Do After Chapter 7 Bankruptcy
Push the re-start button on your financial life.
Thats the first thing anyone should do after having debts discharged in Chapter 7 bankruptcy. Hopefully, that re-start button includes a plan for reduced spending and paying all bills on time.
The easiest way to do that is to draw up a budget that realistically accounts for your income and expenses.
If youre not good at that, call a nonprofit credit counseling agency and get some free assistance from their professional certified counselors. Helping consumers come up with an affordable monthly budget is their specialty.
They can give you the benefit of their training and experience at drawing up monthly budgets, plus tips on how to make the bottom line come out in your favor every month.
If you get in the habit of paying bills on time, you will begin to , and youll regain favor with lenders and credit card companies. A few years of good practice and you and your creditors will forget this ever happened.
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Whether You Should File For Bankruptcy Without An Attorney Depends On The Type Of Bankruptcy And The Complexity Of Your Case
By Cara O’Neill, Attorney
You don’t need an attorney when filing individual bankruptcy, and filing on your own or “pro se” is feasible if the case is simple enough. But most people benefit from representation. In this article, learn:
- when Chapter 7 is too complicated to handle yourself
- why hiring a Chapter 13 lawyer is always important, and
- if you represent yourself, how a bankruptcy petition preparer can help.
There Is A Stigma Associated With Filing Bankruptcy A Stigma That The Lobbyists Latched Onto In Pressing For Passage Of The New Bankruptcy Law In 2005
Subpoena to appear and testify at a hearing or trial in a bankruptcy case subpoena to testify at a deposition in a bankruptcy case subpoena to produce documents, information, or objects or to permit inspection in a bankruptcy case Bankruptcy can be a complicated process. Filing a bankruptcy case is a complex undertaking. Current laws do not require individuals to hire a lawyer to declare bankruptcy relief. Foreclosure lawyers can file a lawsuit when a lender breaks the laws and violates the homeowner’s rights. Whether filing on your own will make sense will likely depend on: Filing personal bankruptcy under chapter 7 or chapter 13 takes careful preparation and understanding of legal issues. These forms, collectively are referred to as the schedules and ask you to describe your current financial status and recent financial transactions . Most pro se debtors file chapter 7 bankruptcy, which requires you to sell any assets that aren’t exempted. There is a stigma associated with filing bankruptcy, a stigma that the lobbyists latched onto in pressing for passage of the new bankruptcy law in 2005 . Some people automatically hear the word bankruptcy and think that it’s bad. If you don’t have a lawyer and your income is low enough, the court may waive the fee everyone filing chapter 7 in mississippi normally has to pay. You must be a mississippi resident for at least 730 days before filing the bankruptcy petition.
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Determine Whether Your Income Meets The Means Test
When considering whether to file bankruptcy without a lawyer, the first step is to conduct a âMeans Test” to determine whether you qualify for Chapter 7 bankruptcy.
The federal government provides a test form. You can also find simplified versions of the test online. You’ll have to answer questions regarding:
- Your monthly income
- Your debts and nonexempt assets
- The number of people in your household
The bankruptcy process may be simple enough to handle on your own if the following are met:
- You own few assets
- Your household income is below your state’s median
- You haven’t been accused of fraud
Consider Hiring A Bankruptcy Preparer
Even if you have a simple Chapter 7 case, bankruptcy can be an intimidating and time-consuming process. You will need to accurately fill out many forms, research the law, and attend hearings. If you understand bankruptcy law but would like help completing the formsthe average bankruptcy petition is approximately 50 pages in lengthyou might consider hiring a bankruptcy petition preparer.
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Assets & Property In Chapter 7 Bankruptcy Filings
By filing Chapter 7 in Mississippi, you will be able to keep your future income and some property you acquire after filing. Most people can keep the majority of their property in a Chapter 7 filing because of the property exemptions. However, some of this property may be liquidated, or sold, if you are unable to pay down your secured debts. Examples of secured debt include home and car loans. You have the option of surrendering this property to your creditor or paying the current and past due balance on your loans to retain it. Our Jackson bankruptcy lawyerswill explain to you your options regarding your property after filing and the time periods that are crucial to the property you own prior to filing and after filing for Chapter 7 Bankruptcy.
Am I Eligible For Bankruptcy In Mississippi
All debtors must meet certain eligibility requirements. To use Mississippi’s property exemptions, you must have lived in the Magnolia State for at least two years. Furthermore, all debtors must take two financial management classes. These courses, which are usually available online, only cost a few dollars and only take a few minutes.
There are also some Chapter-specific eligibility requirements. Some of these rules are unwritten and vary in different jurisdictions.
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What Is Mississippidebtrelieforg
MississippiDebtRelief.org is a free resource where residents may find help through free do-it-yourself tools. In addition, residents may request a free evaluation and savings analysis to find out which of their bills are eligible for assistance.
We’re here to help you. We’ve served over 100,000 Mississippi residents since 2009.
S In A Mississippi Bankruptcy
We all know that seeing the forest helps us recognize the trees, so it’s probably a good time to consider the significant steps you’ll take during your bankruptcy journey. Think of this checklist as a roadmap of sorts, but you can also use it to track your progress. The good news? You’ve already made headway on the first two items!
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What Kind Of Debts Do You Have
The first thing we will look at is what types of debt you have and whether filing bankruptcy is the best remedy for you. Bankruptcy is most helpful to people with unsecured debt, like credit cards and medical bills, because these kind of debts are dischargeable. You can potentially walk away from them completely. Secured debts are those which are tied to a specific item as collateral. Most often this is a house or a car, where the house or car serves as collateral for the mortgage or car loan. A Chapter 13 case may be more beneficial to you if you have secured debt.
There are also debts which are non-dischargeable in a bankruptcy case. Non-dischargeable debts include things like child support, alimony, most tax debt, etc. If the bulk of your debts are non-dischargeable a Chapter 7 bankruptcy may not offer the relief you are seeking.
When Is It Feasible To File Without An Attorney
The general rule is the simpler your bankruptcy, the better your chances are to complete it and receive a bankruptcy dischargethe order erasing debton your own. Your case is likely simple enough to handle without an attorney if:
- you pass the first portion of the Chapter 7 means test
- you don’t own much property
- you don’t have any priority debts you can’t discharge, and
- creditors aren’t alleging fraud against you.
However, keep in mind that even the most straightforward Chapter 7 requires you to fill out extensive paperwork, gather financial documentation, research bankruptcy, and exemption laws, and follow the local rules and procedures. At the very least, if you want to file pro se, use a good self-help bankruptcy book like Nolo’s How to File for Chapter 7 Bankruptcy, by Attorney Cara O’Neill and Albin Renauer, J.D.
What Is Chapter 7 Bankruptcy
Chapter 7 is known as the liquidation bankruptcy because it discharges most of your unsecured debt. That includes , medical bills and personal loans.
Its the quickest, simplest and most common type of bankruptcy. According to the American Bankruptcy Institute , 63% of the 774,940 bankruptcy cases filed in 2019, were Chapter 7.
An even more encouraging bankruptcy statistic: 94.3% of Chapter 7 filings had their debts discharged, meaning forgiven.
You must pass a means test to qualify for Chapter 7 filing. The bankruptcy means test examines financial records, including income, expenses, secured and unsecured debt to determine if your disposable income is below the median income for your state. The means test income level varies from state to state.
You might be forced to sell any non-exempt assets, though several online sites claim that 96% of Chapter 7 filings are no asset cases, meaning there is not enough equity or value in the property for a trustee to sell it and pay off creditors.
Generally, the Chapter 7 process can be completed in four to six months.
Obtain Your Credit Reports And Complete Credit Counseling
The next step is to obtain from all three credit bureaus. You’ll need all three reports because creditors don’t typically report to every bureau. If you fail to report a debt, it won’t be discharged in bankruptcy.
Next, you’ll have to complete a . The U.S. Trustee Program has a list of approved credit education agencies on its site.
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What Is The Automatic Stay
The Automatic Stay is basically a rule that states that all the collection activity must stop as soon as a bankruptcy case is filed.
Once the creditors are notified that youve filed bankruptcy, they can no longer call, write letters or take any action to collect the debt. From that point on they must only communicate through your bankruptcy lawyer or by filing documents with the bankruptcy court.
The automatic stay stops wage garnishments, bank garnishments, repossessions and foreclosure sales. Once you file the case, the lawyer will contact the creditors to stop foreclosure and repossessions.
For example, if your car was repossessed prior to the bankruptcy filing, your lawyer can probably have it returned under Mississippi law as long as you file the bankruptcy case within 10 days of the repossession.
Chapter 7 Bankruptcy Requires Liquidation Of Assets To Settle Debt
Sometimes people accumulate personal debts beyond their ability to pay. Sometimes the only solution is to declare bankruptcy. The U.S. Bankruptcy Code has two methods for individuals to settle their debts, Chapter 7 and Chapter 13.
Chapter 7 bankruptcy, commonly called straight bankruptcy, comprises about 80 percent of the consumer filings. The most drastic method of settling financial problems, it involves liquidating, or selling, the debtor’s non-exempt property and possessions and distributing the proceeds to the creditors. Most people who file Chapter 7 do not have many non-exempt assets.
Upon filing for Chapter 7 bankruptcy in bankruptcy court, a person places his assets under the protection of the court and submits a Statement of Financial Affairs describing his background and financial history. The court notifies the person’s creditors of the filing, and collection efforts stop.
The person also submits to the court schedules of all his assets and liabilities. Assets include real property , personal property , and all other assets. Liabilities include priority debts , secured creditors , and unsecured creditors .
For secured debts such as a car loan or home mortgage, the debtor must continue to make payments on those loans to keep the asset. Otherwise, the creditor may petition the court for permission to repossess the asset.
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