August 2014 Archives

When is Chapter 13 more appropriate than liquidation?

One of the first questions any Mississippi resident may have about personal bankruptcy is what is the difference between Chapter 7 and Chapter 13 bankruptcy? Both types are used by individuals to obtain debt relief and a fresh financial start. However, there are key differences between the two that many debtors are unaware of until they are pondering bankruptcy for themselves.

Creditor harassment still a rampant problem in U.S.

As some De Soto County residents likely know, credit card debt has a unique way of spiraling out of control. Unlike educational debt, one generally doesn't go into credit card debt in the hopes of earning a lucrative income afterwards. Unlike mortgage and automotive debt, credit card debt often involves items that can't be sold for much value if money gets tight. Finally, the easily-accessible piece of plastic sitting in most Mississippians' wallets is all too tempting when cash is not at hand.

Understanding wage garnishment in Mississippi

One of the most distressing financial challenges can be having one's wages garnished by a creditor or by the government to pay off a debt. If a Mississippi resident accrues a certain number of missed payments on obligations such as child support, student loans or even credit card payments, they may eventually experience garnishment. However, the topic of garnishment can be quite confusing for many who are unfamiliar with state and federal law on the topic.

When are debts actually discharged under Chapters 7 and 13?

While there are countless financial intricacies involved in individual bankruptcy, many people are aware that a bankruptcy comes off of a person's credit report after a period of seven to 10 years. Still, beyond that mark, few people are familiar with the dates by which debts are discharged under personal bankruptcy.

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