Most Mississippi residents can relate to trouble regarding finances. Your own economic status likely fluctuates from year to year or even month to month. That's because global, national and local economies have an impact on your personal financial situation. There are several issues that often prompt serious financial problems nowadays.
You have certainly been in this situation before. You need money fast, maybe for a car repair, medical bill or simply to buy groceries. However, it's still a week until payday, and your bank account is dry. You pass the Mississippi payday loan store every day on your way to work, so you stop in to see if they can help you. Of course, they can, and you leave the store with the money you need to hold you over until your paycheck comes.
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.
Those who find themselves in need of debt relief may consider filing for Chapter 13 bankruptcy. Unlike Chapter 7, which provides a discharge of eligible debts via liquidation, Chapter 13 entails a repayment plan for eligible debts. Southaven residents may have questions about the benefits of Chapter 13, as well as about the actual bankruptcy process itself. One common question regarding Chapter 13 is: what happens at the end of the repayment plan?
Many Southaven residents have likely heard of the negative impact student loans have had on Americans' existing financial challenges. Countless college graduates, and even those who haven't finished their degrees, struggle with the need for debt relief. While student loans have financed public and private college educations for years, today they represent an increasingly sizable share of government-issued debt.
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.
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.
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.
There are many reasons why a Mississippi resident may consider Chapter 7 bankruptcy. The individual may be struggling with debt that cannot feasibly be repaid in a timely manner; the debtor may also be seeking a way to stop creditor harassment and wage garnishment. Another reason why Chapter 7 bankruptcy is very compelling for individuals is the ability to get many debts discharged. For a person struggling with massive debt, this aspect of Chapter 7 is crucial.