When filing a bankruptcy in Mississippi, you have two different methods by which you may file: Chapter 7 and Chapter 13. If you file under Chapter 7, then you are going to have to pass some income qualifications. Namely, your median annual income must be below the average for your state. Chapter 7 is also known as liquidation; the process of selling your possessions in order to pay off debt. But thanks to exemptions you will get to keep most of your property. Chapter 13 is a way to keep all the property and assets that you have, but you will have to pay off most of your debts. However, the payments for your car and house will go down so it will be easier to keep them. Bankruptcy is considered to be a good way to get all the bills current and up to date.
In order to file bankruptcy in Mississippi, the individual must go to the Mississippi Bankruptcy County Court. The filing process is not hard to accomplish. Any individual that is filing for bankruptcy under Chapter 13 will be paying off the loans they owe to the creditors. The processes might take close to three to five years to complete, but it is well worth it. Filing bankruptcy under Chapter 7 will be the quickest way of filing for bankruptcy as it takes about 40 to 45 business days. Both methods of bankruptcy are useful under different circumstances. Filing bankruptcy is a hard decision to make, but being under a load of debt can still ruin your credit rating.
Individuals in the state of Mississippi that are filing for bankruptcy are going to need a bankruptcy lawyer to make sure everything is taken care of in the right way. Bankruptcy can be a bit tricky, so finding a bankruptcy lawyer is the best way of making sure it’s done right. Bankruptcy in Mississippi is easy to file through the court and you should have no problem finding a lawyer. Bankruptcy lawyers are easy to work with and will help out with anyone’s way of filing for a bankruptcy. The bankruptcy lawyer will decide what to file under based on your information. Bankruptcy will be on your credit for seven to 10 years, but after that if you have taken care of your credit then you will have an excellent credit rating.