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.
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.
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.
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.
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.
Large amounts of personal debt aren't unusual nowadays, but the variation is often in each Mississippi resident's ability to pay back that debt. For residents of Southaven and surrounding areas, the answer to insurmountable debt is often Chapter 7 bankruptcy. Under this type of personal bankruptcy a debtor is able to make a fresh financial start via asset liquidation. Many wonder, though, if they may be able to file for Chapter 7 while still holding onto their home or their car.
It was recently revealed that over 190,000 jobs were likely added to the U.S. economy this past March. While that is probably very welcome news for some Mississippi residents, the job market still has a long way to go. Many residents are still struggling with unemployment or underemployment; in either case, that challenge can lead to one's struggling with debt as well.
Bankruptcy proceedings can begin a number of different ways. A Mississippi resident may have individual financial woes and decide that it is appropriate to file for personal bankruptcy. Outsiders can also start the bankruptcy process, including Chapter 7, for another person or business.