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.
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.
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.
The type of bankruptcy most individuals in Mississippi are likely to be familiar with, even if they have never declared bankruptcy themselves, is Chapter 7. Under Chapter 7 bankruptcy, many of a person's assets are liquidated to repay creditors. As a result, this type of bankruptcy is very attractive to those who struggle to cope with burdensome personal debt. On the other hand, some debtors may be hesitant to file since they worry about the credit-related drawbacks of this type of debt relief.
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 significant percentage of Americans consider filing for Chapter 7 bankruptcy to get debt relief because of their financial challenges.
As the end of the year wraps up for Mississippi residents, people are likely evaluating the current state of their financial situations and possible financial challenges. This year-end practice is common for both individuals as well as businesses. Assessing one's financial status -- including ascertaining whether Chapter 7 bankruptcy is suitable -- is key to having a promising financial future.
Managing your financial situation can be a real struggle for many Americans, including those living in Mississippi. It can be difficult to make and stick to a budget in order to account for living expenses and savings. Some legal tools can fortunately help individuals struggling with debt to get a handle on their finances and get a fresh financial start. Tools such as filing for Chapter 7 bankruptcy can only be effective, however, if properly used.
Supporting a family is significant a responsibility. This is particularly true when children become a part of the picture. At times it may seem like the cost of raising a child today in Mississippi presents serious financial challenges, but the costs of raising a child can be even more magnified in times of divorce.