Mississippi Bankruptcy Lawyers
A Mississippi bankruptcy attorneys know that money matters.
You're probably wishing for a secure financial future but unexpected bills keep popping up—sometimes faster than you can pay them.
A bankruptcy local lawyer can listen to your concerns and help you understand your options. You can connect with an attorney today and begin your journey to financial freedom today.
Simply fill out our free case evaluation form or call 877-833-2410 to arrange a no-obligation consultation with a Mississippi bankruptcy lawyer.
Mississippi Bankruptcy Laws
Bankruptcy laws provide two main options for individuals seeking debt relief: Chapter 7 and Chapter 13.
Each bankruptcy chapter is designed to provide protections in different situations. Deciding which chapter is right for you depends on your debts, assets, income and other factors.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy may be right for you if:
- Your debts are primarily due to credit cards, medical bills or personal loans
- You do not have a regular source of significant income
- You have little money left over after paying for necessities
- You have few valuable assets
- You do not have cosigners on your secured debts
In a Chapter 7 bankruptcy, debts may be completely eliminated by the bankruptcy court. Chapter 7 involves a process called "liquidation", in which certain property may be sold by the court to repay creditors.
However, Mississippi bankruptcy laws allow for certain property to be exempt from sale, including:
- Homestead: $75,000 for land and buildings not exceeding 160 acres
- $30,000 for one mobile home or manufactured home used as primary residence
- Wages: 100% of earnings for 30 days and 75% of gross earnings thereafter
- Up to $10,000 cumulative value for the following: household goods, clothes, books, animals, crops, motor vehicles, implements, professional books, tools of the trade, cash on hand and professionally prescribed health aids
- Any tangible item worth less than $200
Thanks to these exemption laws, many individuals who file personal bankruptcy are not required to part with any of their possessions in a Chapter 7 bankruptcy.
In order to file Chapter 7, you must qualify under the bankruptcy means test.
The means test compares your income to the median income for your household size. Typically, as long as your income is below the median amount, you'll be eligible to file Chapter 7.
Chapter 13 Bankruptcy
Filing Chapter 13 bankruptcy may be right for you if:
- You are facing home foreclosure or car repossession
- You have other valuable assets that may be seized in Chapter 7 bankruptcy
- You do not qualify for Chapter 7 under the means test
- You want to repay your debts but are currently overwhelmed
Chapter 13 bankruptcy allows you to repay your debts over a period of three to five years. During a Chapter 13 case, the bankruptcy court will help you create an affordable monthly payment plan. Secured debts such as mortgage payments are given priority, and credit card debts and other unsecured debts may be greatly reduced or eliminated.
By filing Chapter 13, you may be able to prevent foreclosure and repossession thanks to the power of the automatic stay, a court order that halts all forms of collections and creditor contact during your case on the debts you've included in your filing.
Get Help with a Mississippi Bankruptcy Lawyer
Need to know which bankruptcy chapter might help you meet your debt-elimination goals? Connect with a bankruptcy attorney today to discuss your options. Simply fill out our free evaluation form or call 877-833-2410 to arrange your free, no-obligation bankruptcy consultation.
Mississippi bankruptcy laws may have changed since our last update.
the latest information on your state's bankruptcy laws, speak to a local
Mississippi bankruptcy lawyer.