September 2015 Archives

Chapter 7 bankruptcy and presumed "abuse"

For Mississippians drowning in debt, there are many benefits to Chapter 7 bankruptcy. Chapter 7 is one of the two common types of bankruptcy for individuals; the other is Chapter 13. The main difference between the two - though certainly not the only one - is that Chapter 7 involves liquidation of assets to satisfy creditors, while Chapter 13 involves a repayment plan.

Bad credit doesn't just affect those filing for bankruptcy

In the past, even the recent past, filing for bankruptcy often carried with it a certain amount of social stigma. Nowadays, though, in an economy that's tough to predict, personal bankruptcy is viewed more objectively by many people. Individual bankruptcy, whether Chapter 7 or Chapter 13, can be a powerful and strategic tool for gaining new financial footing. If utilized correctly, personal bankruptcy can help those who have few other options. In addition, it can aid individuals in learning new financial habits and freeing-up money to pay off non-dischargeable debts.

What is "current monthly income" in a bankruptcy case?

Anyone who is considering filing for bankruptcy is probably all too aware of their current financial state. However, when it comes to personal bankruptcy, there are various terms concerning one's income that are used during the bankruptcy process. A Southaven bankruptcy attorney can offer legal advice regarding Chapter 7 or Chapter 13 bankruptcy, the two types of individual bankruptcy commonly available to local residents.

It is possible to stop the threat of repossession

For most people in northern Mississippi, getting the mail is an everyday chore that doesn't merit much thought. For those suffering from an inability to keep up with their bills, though, getting the mail can be a daily cause for anxiety. In particular, receiving notice that one's accounts are going into collections can be highly intimidating, especially if the threats eventually become ones of repossession, garnishment or other forms of asset forfeiture.

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