Southaven MS Bankruptcy Law Blog

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:

"Just the word bankruptcy embarrasses me"

There are reasons bankruptcy triggers feelings of shame and embarrassment.

First of all, creditors want it to trigger those feelings. The more people feel ashamed and disgraced about being unable to pay their bills, the fewer will turn to bankruptcy to solve their problems.

So encouraging feelings of shame is very good for creditors' bottom lines. At least they're feeling good! 

Could I be a victim of a stop foreclosure scam?

With tax season underway, many in Southaven probably have finances on the mind. Some receiving tax refunds will likely use that money to pay down existing debts. For others, even a sizable refund check will do little to dent their personal debt. Struggling to pay one's bills is not unusual at any time of year, but unfortunately scammers exist who won't hesitate to take advantage of an overwhelmed and confused individual.

When it comes to housing, sadly there is no shortage of scams targeting homeowners who can't meet their monthly mortgage payments. According to the U.S. Department of Housing and Urban Development, scammers in the area of loan modification are likely to focus on potential victims who are finding it tough to make mortgage payments, recently became unemployed or are imminently facing foreclosure. Scammers may take on the guise of financial advisors or consultants regarding debt relief. Their promises - which often appear "too good to be true" - typically involve getting rid of back debt or lowering a homeowner's monthly payments.

Repo agents vs. bankruptcy protection in Mississippi

When a person is dealing with significant financial challenges, he or she may be threatened with seizure of personal property. One of the more common scenarios is when a person is overwhelmed by debt, has fallen behind on their car payments, and is eventually threatened with repossession. While the threat of repossession is very real for all too many local drivers, repo agents must follow the law when taking back a car, truck, recreational vehicle or the like.

While there is not a specific state repossession license requirement, repo agents do need to abide by any licensing requirements at the city or county level. Actual repossession of a vehicle is permitted so long as repo agents do not commit a breach of the peace. In Mississippi, prior to the disposition of the debtor's collateral, the debtor has the chance to redeem that collateral via making a full payment of the debt in addition to all of the creditor's reasonable incurred expenses.

Credit card debt piling up again for many Americans

After the holidays, it's not unusual to have some extra credit card debt. However, for some residents of Southaven credit card debt is becoming more than just a seasonal obligation. According to some new reports, Americans' credit card debt appears to be on the rise again after years of recession-era frugality.

Two recent reports from the financial website WalletHub indicate a return to willingness to take on credit card debt. Per one report, last year credit card debt rose by nearly $70 billion, with a total of around $900 billion. Interestingly, this is the highest amount of credit card debt reported since the recession which began nearly a decade ago. The average American household now has owes about $8,000 to creditors.

Can a Chapter 13 repayment plan be altered?

One of the many benefits for filing for Chapter 13 bankruptcy in Mississippi is the fact that the debtor may get the chance to avoid foreclosure and keep much of his her personal property. Chapter 13 entails a repayment plan, as opposed to the liquidation found in Chapter 7. Regardless of the type of personal bankruptcy one chooses, it can be helpful to learn about each one from an attorney.

In Chapter 13, the repayment plan is usually between three to five years. As those who have previously coped with financial challenges tend to know, a lot can happen in a few years. Financial circumstances can change dramatically, either for better or for worse. One of the questions that those who are filing for Chapter 13 may want to know is, can a Chapter 13 repayment plan ever be altered?

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