March 2015 Archives

What types of debts cannot be discharged via Chapter 7?

Commonly known as "straight bankruptcy" or liquidation bankruptcy, Chapter 7 bankruptcy is an option for many struggling with debt in Mississippi. Since many debts can be discharged under Chapter 7, many debtors will gravitate towards this option since repayment is not feasible. Still, it's important to know that not every type of debt can be discharged via Chapter 7 bankruptcy. As a result, those considering filing for this type of bankruptcy may wish to learn more.

Research shows bankruptcy reform may not benefit debtors

Filing for bankruptcy is rarely an easy decision for a Southaven resident to make. After consulting with an attorney, one's legal options can be clearer and a debtor may then be in a position to choose between Chapter 13 and Chapter 7 bankruptcy. Regardless of the type of personal bankruptcy, though, many debtors have questions regarding how easy it is to file and if they are eligible to move forward with the process.

Speaking with one's creditors about repossession

Any Southaven resident who has ever financed a car is likely to know the sinking feeling that comes with missed payments. Late notices start arriving in the mail, phone calls and voice mail messages start accumulating, and sooner or later the threat of repossession becomes very real. In today's economy, it's not unusual for local residents to experience financial challenges that leave them wondering how they will cope with the prospect of repossession.

An experienced advocate ready to help with Chapter 13

The number 13 is often considered unlucky; for those struggling with debt in Southaven, though, 13 may prove to be a positive number. Residents seeking a solution to their financial challenges may find it in Chapter 13 bankruptcy, which helps individuals put a lid on mounting debt and effectively tackle existing debt.

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