Like most Mississippi residents, the thought of losing your home is enough to cause significant increases in your blood pressure and send your anxiety levels through the roof. So many homeowners are struggling financially these days, especially in the wake of the economic crisis where many lenders approved loans they had no business approving. Even in households where there are two full-time incomes, unforeseen circumstances, medical emergencies, sudden job loss and any number of other issues may bring finances crashing down, leaving those involved feeling overwhelmed and worried.
As is the case in a neighboring state, Mississippi may soon see bankruptcies on the rise. Officials believe the sharp rise in personal bankruptcies is related to the fact that many banks are returning to pursuing foreclosure actions. Lenders had halted pursuing foreclosure proceedings after being accused of improper practices. In recent days, though, banks are again moving forward with foreclosures and those affected include contractors, doctors and other affluent residents who never expected to face insolvency. Many of these individuals are facing large mortgage payments, credit card debt and medical expenses like so many other Americans.
The question of whether to file for bankruptcy or let the bank repossess a car has many answers, all of which require serious consideration. One reader of a debt advisory column asked which of the two options would be less damaging to her credit score. But there are other options she may not have considered. The scenario, which could apply to any Mississippian, is that there are two car loans of which the reader states she is only having a problem making payments on one of the loans.