November 2012 Archives

Creditor examines coach's finances in bankruptcy proceeding

A college football coach's personal bankruptcy proceeding has been delayed after a creditor and the trustee overseeing the matter requested additional financial information. After initially believing that he could quickly discharges his debts by filing for Chapter 7 bankruptcy, the football coach now realizes that the personal bankruptcy proceeding will be a more lengthy proceeding. The hurdles that the coach faces are common and teach residents of De Soto County in Mississippi who are considering bankruptcy or are already involved in a bankruptcy matter that debt relief is not always simple.

U.S. courts report decline in personal bankruptcy in 2012

A review of this year's U.S. court statistics reveals that bankruptcy filings have decreased significantly from last year. This report should make Mississippians hopeful about their financial futures, particularly if they are considering personal bankruptcy. The statistics reveal that serious financial challenges may be on the decline and that debt relief is in sight.

Mississippi may see rise in foreclosures and bankruptcy

As is the case in a neighboring state, Mississippi may soon see bankruptcies on the rise. Officials believe the sharp rise in personal bankruptcies is related to the fact that many banks are returning to pursuing foreclosure actions. Lenders had halted pursuing foreclosure proceedings after being accused of improper practices. In recent days, though, banks are again moving forward with foreclosures and those affected include contractors, doctors and other affluent residents who never expected to face insolvency. Many of these individuals are facing large mortgage payments, credit card debt and medical expenses like so many other Americans.

Lawmaker files for Chapter 13 bankruptcy a second time

Mississippi residents should know that Chapter 13 bankruptcy is a tool that everyone may be able to use to get out of debt, especially those who have a steady income and are willing to work out a repayment plan. Recently, a well-known former lawmaker filed for this type of bankruptcy in an effort to avoid tax debt.

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