Posts tagged "Chapter 7"

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.

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.

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.

Key roles played by a Chapter 7 Bankruptcy trustee

The decision of filing for bankruptcy is never an easy one, as there are many factors to consider when choosing between the different types of personal bankruptcy. Many residents of Mississippi choose Chapter 7 bankruptcy, often known as liquidation bankruptcy. This type of bankruptcy is particularly helpful to those struggling with massive debt because it discharges many of a debtor's financial obligations. This can put a filer in the position to move forward without overwhelming debt hanging over his or her life.

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.

Surprising facts about Chapter 7 bankruptcy

Filing for bankruptcy can offer individuals and businesses a much-needed fresh financial start during difficult times. However, before a case is filed, filers generally have plenty of questions. As a result, northern Mississippi residents who file for bankruptcy often find a consultation with a bankruptcy attorney to be just the beginning of a financial and legal learning process.

Benefits of eliminating debt

Anyone who has struggled with debt knows the huge emotional toll that such a struggle can take. Debt, particularly overwhelming debt, can cause a person to feel understandably trapped, depressed and under extreme stress and pressure. However, eliminating debt and taking care of one's creditors can provide significant psychological benefits to counteract the accumulation of immense stress.

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.

Mississippi multi-millionaire files for Chapter 7

Some Southaven residents might assume that only those with relatively low incomes struggle with overwhelming debt. What is actually the case with personal debt, though, is that sometimes even a high income can't compete with staggering amounts of debt. Recently, a multi-millionaire from Columbus became involved in a Chapter 7 bankruptcy case in an ongoing dispute with his creditors.

The Chapter 7 means test for Mississippians

Mississippians in need of debt relief have several legal options at their disposal. By taking the facts of their financial situation to a bankruptcy attorney, individuals can learn more about which route may be best for them. If personal bankruptcy is appropriate, debtors may be interested in learning more about Chapter 7 bankruptcy.

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