Southaven MS Bankruptcy Law Blog

Did one of these issues tip your financial scale the wrong way?

Most Mississippi residents can relate to trouble regarding finances. Your own economic status likely fluctuates from year to year or even month to month. That's because global, national and local economies have an impact on your personal financial situation. There are several issues that often prompt serious financial problems nowadays. 

If you are currently experiencing one or more of these issues, it doesn't necessarily mean you will never be able to get your head back above water. In fact, most financial problems are temporary, and finding solid solutions often depends on the issues that have led to the crisis in the first place as well as the type of support you seek to help you get things back on track.  

Immediate and long-term debt relief for Mississippi residents

If you were to analyze your typical spending habits, would you describe yourself as someone who spends without hesitation or more of a miserly type of person? Perhaps, you're somewhere in between the two. In fact, you may find that your personal spending habits fluctuate according to various circumstances, such as your current income, as well as any outstanding debts you happen to have at the time. Debt can pile up quickly, especially if you lose your job or face a medical emergency.

If you feel like your finances are heading off course, there may several things you can do to tighten the reins and get things back on track. If things have already reached a level of crisis beyond that point, you may want to consider exploring other debt relief options, such as bankruptcy. You can tap into local resources to learn more about it and determine what course of action best fits your particular needs.

Facts to know if you're considering filing Chapter 7 bankruptcy

Life constantly changes. During your own journey, you may have also come to realize that your financial situation perpetually changes as well. The ebb and flow your personal economics, as well as those of your local Mississippi economy and global economic situations, may be stable and fruitful for months or years at a time. However, all of a sudden, they can take a sudden, unexpected hit.  

That said, financial trouble doesn't always occur through sudden, single incidents. Perhaps, your spending has gotten out of hand over time or you have endured several changes of income or repeated medical needs that have been chipping away at your financial stability a little at a time. If you determine that the best way to get back on track is to start with a clean slate, you may want to discuss Chapter 7 bankruptcy with someone well versed in the debt relief process. 

Does medical debt have you feeling overwhelmed?

As you began to feel unwell, you may have had a sense of dread and anxiety about going to the doctor. You may have felt concerned that the news they would tell you would be serious, and you may have put off going to get an exam. However, in the end, you likely knew that rather than letting your symptoms worsen, getting them addressed would have a better impact on your overall health.

While the news of your medical issue may not have been the best, you still received the necessary treatment and are on the mend. Now, however, you may have a renewed sense of dread and anxiety due to the medical expenses associated with your care. You may even believe that the feelings these bills cause are just as bad as the news of your illness. Unfortunately, medical debt can have a considerable impact on your life, but you do have options for handling bills.

Payday loans are the gift that keeps on taking

You have certainly been in this situation before. You need money fast, maybe for a car repair, medical bill or simply to buy groceries. However, it's still a week until payday, and your bank account is dry. You pass the Mississippi payday loan store every day on your way to work, so you stop in to see if they can help you. Of course, they can, and you leave the store with the money you need to hold you over until your paycheck comes.

Unfortunately, other creditors already have a claim on your paycheck. Maybe your bank automatically withdraws the mortgage payment from your account, your child support payment is due or the electric company will shut off your power if you don't pay, so when the payday loan is due, you don't have the money. No problem, right? You can just roll it over to the next paycheck. You're bound to have the money by then. Right?

Can you convince a lender that a default is not your fault?

Like most Mississippi residents, the thought of losing your home is enough to cause significant increases in your blood pressure and send your anxiety levels through the roof. So many homeowners are struggling financially these days, especially in the wake of the economic crisis where many lenders approved loans they had no business approving. Even in households where there are two full-time incomes, unforeseen circumstances, medical emergencies, sudden job loss and any number of other issues may bring finances crashing down, leaving those involved feeling overwhelmed and worried.

There's a fine line between being late for a mortgage payment or two and plummeting into a complete downward financial spiral that places your home at risk for foreclosure. You may have the best intentions for recovering financial stability, if only your lender would understand your circumstances and cut you a break. It doesn't always happen that way, however, and many people wind up in urgent need of debt relief assistance.

Overwhelmed by debt? Take back your life with personal bankruptcy

When a person is living with overwhelming debt, the word living may be somewhat up for debate. If you owe a substantial amount in credit card and/or medical bills, chances are you might have very little left over after paying monthly expenses. Depending on the severity of your debt, you could be unable to even make payments.

If this sounds familiar, you have likely spent a considerable amount of time weighing your options. You probably don't want to spend the rest of your life wondering if you will ever be free from debt. If this situation applies to you, you could consider filing for personal bankruptcy.

Which comes first, bankruptcy or divorce?

Disagreements over money and financial troubles are some of the leading causes of divorce, so it comes as no surprise to learn that some people find themselves facing serious debt either right before or shortly after divorce. If you are facing the end of your marriage and overwhelming debt at the same time, you may be asking yourself if it is better to file for divorce or file for bankruptcy first.

How To Repair Your Credit Score

Having a good credit score brings with it many benefits. It's easier to qualify for loans with lower interest rates, including auto and mortgage loans. It can affect the type of job you are able to get and the type of neighborhood you'll be able to live in. Creditors and employers make the assumption that having good credit means you are honest and responsible.

But managing personal finances isn't something that comes naturally to everyone. Some over use credit, while others underuse it. Many have late or missed payments on their credit report. Repairing a credit score can be a challenge, but it is far from impossible. You just need to make the effort.

Regulators ready to bring abusive debt collectors to heel

Debt collectors are in for a rude surprise. The government is cracking down on how they contact debtors.

The typical debt collection agency today succeeds by being obnoxious: calling every day, making vague warning of the consequences of nonpayment, handing debts off to other agencies to collect.

This matters to a lot of people. About 77 million people are being hounded for debt payment today. These changes will affect all these people.

A number of practices will be sharply limited under proposed plans by the Financial Protection Bureau:

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