December 2015 Archives

Does Chapter 7 affect a filer's future income?

As December comes to a close and the calendar moves closer to the New Year, it's not surprising that many in De Soto County would be thinking of the future. For those who are thinking about filing for bankruptcy and securing a truly fresh financial start, the future holds extreme importance. After all, the reason why many file for bankruptcy in the first place is to obtain debt relief and get on the right track financially.

Fed raises interest rate, affecting credit card debt

This time of year, the income and expenses of many in Mississippi just aren't matching up. Too much debt may cause some to wonder how they can placate creditors, stop garnishment and escape threatening letters and phone calls. Still, countless consumers postpone thinking about their financial challenges until after the holidays. However, a recent event may spur some to hasten any financial improvement plans they had in store for the New Year. For the first time in over ten years, a rate increase has occurred with the Federal Reserve. The short-term interest rate was last raised in 2006.

The importance of a Chapter 13 bankruptcy stay

For an indebted resident of Mississippi or Tennessee, there are many advantages that come with filing for Chapter 13 bankruptcy. Sometimes known as a wage earner's plan, Chapter 13 essentially reorganizes a filer's debts into manageable payments that are made over a period of several years. In addition to discharging eligible debts after the repayment period is complete, Chapter 13 can also stop creditor harassment and stop foreclosure, among other benefits.

Holiday season throws spotlight on need for debt relief

Personal finance is a topic few people want to think about during the holiday season, but it can literally pay off to be money-conscious this time of year. Still, with all the stress of the season, dealing with credit card debt and other forms of debt can seem overwhelming. When accounts go to collections and debt collectors are added to the mix, the results can be extremely unsettling.

How can a Chapter 7 case can be dismissed?

Filing for bankruptcy is a big step for most people, one that comes with rights as well as responsibilities. Typically, a personal bankruptcy case, Chapter 7 or Chapter 13, will proceed without a hitch and the filer will obtain a fresh financial start at the end of the process. However, it is possible in some instances for a Chapter 7 bankruptcy case to be dismissed by the court. Since most filers will likely want to avoid this type of scenario, it can be beneficial to learn the basics of how a case could be potentially dismissed.

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