Jackson mayoral candidate has past marked by financial troubles

Like many Mississippians, one of the nine mayoral candidates in Jackson, Mississippi has experienced financial hardship. But this has not stopped Regina Quinn from moving forward in a positive direction. She identified her problems and approached them head-on, using personal bankruptcy as a way to overcome her financial troubles.

Quinn announced her decision to run for mayor of Jackson, Mississippi, in early February. In her quest to fill this role, she has been quite forthcoming about her financial history. Quinn admits that in 1996 she had to file for both personal bankruptcy and bankruptcy for her law firm. Quinn's circumstances were quite unique at the time. She worked as an attorney and helped her clients proceed with similar cases. She claims that the fact that her clients had the strength to file bankruptcy actually provided her with the courage to do the same. Now, Quinn has overcome her financial challenges - her law firm has even recovered.

Quinn's situation is a model to all Mississippians of the hopeful future that personal bankruptcy can provide. Bankruptcy can be the solution for a host of problems. In addition to addressing financial issues with someone's business, bankruptcy can provide debt relief to someone facing a foreclosure.

Mississippians may face foreclosure because they are unable to make mortgage payments on their home. Bankruptcy can provide both immediate and long-term relief in such a situation. Filing for bankruptcy usually puts a stay in place that prevents creditors, including those foreclosing on a home, from pursuing collection. In other words, the law briefly stops the creditors from being able to foreclose.

There is also long-term relief, which varies with the type of bankruptcy filing. Chapter 13 bankruptcy essentially allows a homeowner facing foreclosure to work out a payment plan to make payments on past and future mortgage payments. This option allows a person to stay in their home and tackle debt by making manageable payments. Chapter 7 bankruptcy is different. It can completely erase the underlying mortgage debt. However, the homeowner may not necessarily be able to stay in the home.

Bankruptcy is clearly an intricate legal tool that can be used by many people to achieve a variety of goals. It gives individuals the chance for a fresh start.

Source: Jackson Free Press, "Lady of the Pack: Quinn Joins Crowded Mayor's Race," Jacob Fuller, Feb. 20, 2013

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