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.
Those who are struggling with debt in Southaven know that there can be many negative effects of that struggle: stress, worry, anxiety and potentially even depression. According to a recently reported study, even small amounts of debt can cause depression. Due to the severe effects of unmanageable debt, local residents may wish to learn more about filing for bankruptcy and how it can eliminate or consolidate debt.
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.
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.
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.
Mississippi residents who are contemplating filing for Chapter 7 bankruptcy are likely to have limited financial means. Also known as asset liquidation, Chapter 7 is often an appropriate option for those who owe overwhelming amounts and have little realistic hope of making inroads on repayment of such debt. While Chapter 7 can be an effective solution to overwhelming debt, some Mississippi residents may worry that they cannot afford a bankruptcy attorney.
Countless residents of Mississippi are grappling with student loans, whether they are fresh out of school or graduated many years ago. Some are able to work their loan payments into their existing budgets, while others may discuss their financial challenges with the lender in order to obtain a deferment or temporarily reduce payments. For others, missed payments may be a reality due to overwhelming financial problems such as massive debt or unemployment. In such cases, these individuals may be facing the thought of or undergoing the experience of having their wages garnished.
Some Mississippi residents may believe that an attorney is only needed for certain financial challenges involving overwhelming debt, such as the threat of losing one's home, car or other forms of personal property. A bankruptcy attorney, however, can also help with seemingly "smaller" debt situations, such as credit card debt that has spiraled out of control.