Deciding Which Bankruptcy Structure to File
If you have personal debts, there are two primary bankruptcy structures to choose: Chapter 7 Liquidation and Chapter 13 Debt Restructuring. Each structure varies in how long they take for the process to conclude, how a creditor is paid off, what debts are dismissed and how they affect your credit rating.
Chapter 11 is common for business bankruptcy though a debtor also has the option of filing for Chapter 7 or Chapter 13. There are other specialized bankruptcy structures such as Chapter 9 which is limited to municipalities.
Deciding on a debt relief structure is the most important decision you will make, so you need to be fully informed about each. After you get your financial documents together, set up a consultation with one of our accomplished lawyers and get their advice.
Determining What Property is Exempt
The state of Mississippi will allow you to exempt some properties such as your home or auto depending on whether you choose liquidation or debt restructuring. Under Mississippi Code 85-3-1, the following property may be exempt from bankruptcy:
Homestead up to $75,000
Life insurance policies
Filing for bankruptcy and successful completion of the process will help you get a fresh start financially, but you must strictly adhere to the process and do it the right way. Along with assisting with paperwork, ensuring you meet filing deadlines and negotiating the best pay-off terms, one of our bankruptcy attorneys in Mississippi will keep you on the right course until you emerge from bankruptcy. Set up a consultation with one of our skilled lawyers today.