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.

Some individuals may be worried about the effect Chapter 7 will have on their credit score. While personal bankruptcy does not positively affect a person's credit score, both Chapter 7 and Chapter 13 have long-lasting financial benefits that may outweigh the credit score implication. Some debtors may have concerns about the types of property they will lose under Chapter 7. There may be exemptions for certain types of property, however, including vehicles. An experienced bankruptcy attorney can help clear up many of the misconceptions surrounding Chapter 7.

By attending a Chapter 7 bankruptcy consultation with attorney Heidi S. Milam, individuals can get a better picture of their financial future as well as their present situation. Milam will tailor her strategy to each client's specific situation, ensuring the most favorable financial outcome when compared against other possibilities. In addition, prospective clients can ask questions, share concerns and find direction regarding what steps to take next.

If you're not sure if Chapter 7 is right for you, you can attend an initial consultation with Heidi S. Milam at no cost to you. From there, you can learn more about the various types of bankruptcy and what each option would entail for you personally.

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