June 2015 Archives

What is the role of the personal bankruptcy trustee?

When a Mississippi resident attempts to resolve significant financial challenges, they may look to bankruptcy as a solution. Filing for personal bankruptcy can help a resident eliminate or re-structure debt in such a manner that a new financial beginning is truly possible. However, the bankruptcy process can be complicated whether a person is filing for Chapter 7 or Chapter 13, and an attorney's guidance is usually welcomed by those seeking to file.

How do I know if Chapter 7 is really right for me?

Chapter 7 bankruptcy, often known as liquidation or strait bankruptcy, is an appealing option to many faced with financial hardship in Mississippi. Under Chapter 7, many of a debtor's eligible debts are ultimately wiped out and the individual is able to start anew on different financial footing. However, there are many pros and cons to all forms of bankruptcy, and Chapter 7 is no exception. In order to truly understand if Chapter 7 is the right option for you, it may be wise to seek the guidance of a Southaven bankruptcy attorney.

Information submitted to the court in a Chapter 13 case

Chapter 13 bankruptcy features several advantages for Mississippians pressured by debt. This type of bankruptcy offers debt relief via a three-to-five-year plan of manageable payments. Chapter 13 can also stop creditor harassment and foreclosure in addition to helping an individual get back on their feet financially. Finally, most individuals in Southaven are likely to be eligible for Chapter 13, as the main requirements are one's unsecured debts are less than $383,175. An additional requirement is that secured debts must be less than $1,149,525.

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