Speak With a Mississippi Bankruptcy Attorney to Learn How to Get a Fresh Start
If you're tired of the nasty phone calls, of the threatening letters, a Mississippi bankruptcy attorney may be able to help you get a fresh financial start. If your credit card balances keep increasing every month regardless of your best efforts to find the money to pay your debts, you may want to educate yourself about bankruptcy. A
Changes to the bankruptcy laws have made filing bankruptcy more confusing than ever. If you're afraid that bankruptcy could cost you your car or home you may want review your finances with a
Chapter 7 and Chapter 13 Protect You in Different Ways
Although most people think of bankruptcy as ‘liquidation,' there are two different forms of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is the liquidation form of bankruptcy. Under Chapter 7, you can eliminate most of your unsecured debt following a meeting with a bankruptcy trustee. The bankruptcy trustee will liquidate your non-exempt assets in order to pay off as much of your unsecured debt as he can and then discharge the balance of your dischargeable debt. Exempt property generally includes, to a limited value, clothing, furniture, tools, appliances, personal business equipment, etc. necessary to make a reasonable living. Most Chapter 7 filers, however, have little or no non-exempt property, so there is no sale.
A Chapter 13 bankruptcy, on the other hand, is not liquidation, but a plan based the debtor's income, living expenses, and debts. Your Chapter 13 plan will allow you to make regular payments while retaining the property, such as a car or home, securing your debt. Many filers who choose Chapter 13 do so because they have regular income sufficient to pay their normal debts, but have had some financial catastrophe like sudden medical bills or uninsured financial losses. If you have a good income, but have been sidetracked by an emergency, Chapter 13 may be the right solution for you.
Don't Wait. Speak With a Mississippi Bankruptcy Attorney Now
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