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.
After experiencing various types of financial obstacles, a Northern Mississippi resident can start to feel threatened. After all, the individual may be receiving calls and letters from creditors or may even be experiencing creditor harassment. In addition, the person might be facing the threat of garnishment, repossession or foreclosure. The possibility of asset forfeiture is understandably a frightening one, but there are legal solutions to these financial problems.
In Mississippi and across the nation, during the month of May the minds of many are on school - in particular, graduation. By mid-May, many college seniors have already graduated and countless high school seniors are likely eagerly anticipating their own upcoming graduations. While the time is typically a hopeful one, there may be accompanying financial challenges that can cause families to review their money situation and take serious stock of their financial future.
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.
Many northern Mississippi residents depend on their weekly or monthly paycheck to pay bills and meet various legal obligations. Still, in a struggling economy, expenses can quickly get out of hand, debts may spiral out of control -- and at some point, that paycheck may be put in jeopardy. The threat of garnishment is very real to many local residents, but the threat can be eradicated with legal help.
Commonly known as "straight bankruptcy" or liquidation bankruptcy, Chapter 7 bankruptcy is an option for many struggling with debt in Mississippi. Since many debts can be discharged under Chapter 7, many debtors will gravitate towards this option since repayment is not feasible. Still, it's important to know that not every type of debt can be discharged via Chapter 7 bankruptcy. As a result, those considering filing for this type of bankruptcy may wish to learn more.
Any Southaven resident who has ever financed a car is likely to know the sinking feeling that comes with missed payments. Late notices start arriving in the mail, phone calls and voice mail messages start accumulating, and sooner or later the threat of repossession becomes very real. In today's economy, it's not unusual for local residents to experience financial challenges that leave them wondering how they will cope with the prospect of repossession.
The number 13 is often considered unlucky; for those struggling with debt in Southaven, though, 13 may prove to be a positive number. Residents seeking a solution to their financial challenges may find it in Chapter 13 bankruptcy, which helps individuals put a lid on mounting debt and effectively tackle existing debt.
Despite the term "individual bankruptcy," a person's bankruptcy filing can impact the whole family. For Mississippi families seeking relief from overwhelming debt, a personal bankruptcy can allow for a new financial beginning that can benefit spouses as well as children. Still, while bankruptcy offers many benefits to one's family, there are often plenty of questions that must be answered before filing. One question is how a filer's marital status or situation will affect their bankruptcy case.
As tax-filing season nears, many Mississippians are probably taking a closer look at their financial situation. What they may not realize is that a large percent of Americans consider filing for Chapter 7 bankruptcy to get debt relief because of their financial challenges.