Millions of Americans have debts that they can’t get under control. If left unmanaged or ignored for too long, you’ll start to get a barrage of harassing collection calls and mail demanding immediate payment. If your debt has become unbearable and you need a way out, you should think about filing for bankruptcy.
Steps to File for Bankruptcy in Mississippi
Once you realize bankruptcy might be your best option to get out of debt, don’t be discouraged because you don’t know where to begin. USattorneys.com recommends you speak with a bankruptcy lawyer in Mississippi to explain the differences between the different structures and how you can benefit from each one.
The first stage of bankruptcy is to figure out how much debt and what types you have
The following debts cannot be reduced or dismissed by bankruptcy, so
What documents do you need?
Records of transactions for the past two years
Utility bills and rent statements
Credit card bills
Pay stubs and other records of monthly income
Taxes for the previous two years, and other documents identified by your counsel.
You need to have a clear picture of your debts and how much you take in each month. If you are in arrears every month, it’s time to speak with a bankruptcy lawyer near your Mississippi location. USattorneys.com can connect you with someone who can help you get the process going and help you make wise decisions.
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.