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?
Choosing between the two primary types of individual bankruptcy is not so simple of a task for Mississippians. With the advice of a qualified Mississippi bankruptcy attorney, a person in need of debt relief can select a type of bankruptcy that is most appropriate for their needs. For many residents of Southaven, this may be Chapter 13 bankruptcy.
When a Mississippi resident decides that personal bankruptcy is the right solution for them, they will likely need to first decide which type of bankruptcy to file. An individual in need of debt relief may file Chapter 7, which involves asset liquidation, or Chapter 13, which involves adhering to a repayment plan concerning a portion of eligible debts.
Many residents of Mississippi have likely heard plenty about the U.S. student loan crisis. Estimates regarding the current amount of outstanding student loan debt place the number at around $1.1 trillion. More and more Americans have been seeking a college education, but swiftly-rising tuition prices and a struggling economy have combined to put student loans on many graduates' list of unpaid bills. Unlike other forms of debt, though, such as credit card debt or mortgage debt, student loan debt is currently not dischargeable through personal bankruptcy, with very few exceptions.
America often prides itself on encouraging and awarding those who pursue post-high school education. However, now this very source of pride is becoming a serious financial problem for those who are supposed to reap the direct benefits from education: students. The financial hardships stem from student loans, and are especially a problem for students living in Mississippi.
Student loans provided by the federal government are a financial tool that many Mississippi students, as well as those throughout the country, use to pay for college and other graduate programs. Although they play an integral role in positively shaping young adults' lives, the loans can also pose a significant burden, and, ultimately, be one of the causes of personal bankruptcy.
Mississippians who use the social networking website Facebook should take notice of a recent study. The study reveals that Facebook use is linked to credit card debt.