Posts tagged "asset forfeiture"

Repo agents vs. bankruptcy protection in Mississippi

When a person is dealing with significant financial challenges, he or she may be threatened with seizure of personal property. One of the more common scenarios is when a person is overwhelmed by debt, has fallen behind on their car payments, and is eventually threatened with repossession. While the threat of repossession is very real for all too many local drivers, repo agents must follow the law when taking back a car, truck, recreational vehicle or the like.

Know your options when it comes to asset forfeiture

Falling behind on one's bills is certainly not an unusual situation, but getting deep into debt make a person feel as if they are completely alone. When a person living in Northern Mississippi has missed enough payments on certain accounts, they may face some very intimidating consequences, including collections and asset forfeiture. The thought of getting one's wages garnished is understandably jarring, but there is help available.

Types of debts that can lead to wage garnishment

One of the most difficult things to go through for any person who is behind on their bills is to face the threat of garnishment. Wage garnishment is when a creditor obtains a court order to obtain repayment of a debt via money taken out of a debtor's paycheck. Usually, if a Mississippi resident is a little bit late on one bill, or simply has a lot of personal debt but is making regular payments, asset forfeiture is not a threat. However, if a person is seriously behind on debts and has missed a certain number of payments, the situation could eventually escalate to involve garnishment.

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.

Under threat of forfeiture? Don't delay in seeking help

One of the most understandable responses to overwhelming stress is to avoid dealing with the issue. Particularly when it comes to personal finances, many Mississippi residents are likely to put off thinking about the problem until it becomes so severe that they have no choice. For those who feel they are sinking under the weight of their financial problems, there is help available.

What types of asset forfeiture can be stopped by bankruptcy?

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.

Efficient bankruptcy filing key to stopping garnishment

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.

Speaking with one's creditors about repossession

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.

Does bankruptcy stop car repossession?

When a person is severely in debt, that person may resort to selling off personal property in order to either repay debt or make ends meet. While many are willing, if reluctant, to part with items like jewelry or electronics, many understandably fear losing their home or car. Asset forfeiture is a threat to Mississippi residents who are in over their heads financially. Fortunately, there are legal options available for avoiding these scenarios.

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