Get a truly fresh financial start via Chapter 13

For some people who are grappling with overwhelming debt in Mississippi, 13 may be their lucky number. This is because the type of personal bankruptcy known as Chapter 13 allows Southaven area residents to achieve a fresh financial start. An individual can re-structure their financial situation in a manner that will produce long-term gains.

One of the first ways in which debtors get a fresh start by way of Chapter 13 is that the filing can stop creditor harassment. Without filing for Chapter 13 or Chapter 7, a person who owes unmanageable debt is likely to be hounded by creditors. While creditors must abide by specific rules and regulations, even when followed these rules don't eliminate the frequent phone calls and threats of garnishment.

Sometimes a debtor will assume they can simply ignore the calls, but there are likely to be letters as well. In addition, the attempts to make contact with a debtor simply will not stop until the debtor takes some form of action.

Under Chapter 13, a debtor agrees to a payment plan that usually lasts between three and five years. If the debtor makes payments as agreed, that person has the potential to start building a positive payment history and to demonstrate financial self-efficacy to future creditors. A debtor can repay some of their debt in a reasonable, affordable manner.

What many individuals don't realize is that Chapter 13 can also stop foreclosure. Before the actual sale of a home, foreclosure can be halted in Mississippi via Chapter 13, but the process can be difficult, which is why our firm strives to help each client understand the options.

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Southaven, MS 38671

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