Navigating the Chapter 13 bankruptcy process

When a Mississippi resident decides that personal bankruptcy is the right solution for them, they will likely need to first decide which type of bankruptcy to file. An individual in need of debt relief may file Chapter 7, which involves asset liquidation, or Chapter 13, which involves adhering to a repayment plan concerning a portion of eligible debts.

Not everyone can file for Chapter 7. In addition, some may decide that Chapter 13 is more appropriate. But, navigating Chapter 13 bankruptcy can be tricky without knowing everything about the process. Our firm's Southaven bankruptcy attorneys understand our clients' rights and obligations when filing for Chapter 13.

Under Chapter 13, some debts may be discharged, while other debts may be repaid via a payment arrangement lasting three to five years. After five years have passed, much of the leftover debt is discharged. An attorney with more than 15 years of experience can help ensure the repayment period is composed of manageable payments that the debtor can actually repay. In addition, legal assistance with Chapter 13 may be able to help an individual stop foreclosure and thus keep their home. Additional benefits of Chapter 13 can include halting repossession and garnishment processes.

However, in order to secure the benefits of Chapter 13, residents must take all steps properly and in the right order within the allowed timeframes. For instance, under Chapter 13 some lingering tax debt may be dischargeable, but it can be difficult to efficiently determine if someone's debts are eligible. Getting the right information can get the process started in a legally sound manner, and can help give debtors peace of mind that they are taking the correct actions.

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