There is a provision of the bankruptcy law that allows Mississippi homeowners to eliminate second mortgages. Not widely known, this section of the bankruptcy code is becoming increasingly popular to bring the mortgage debt closer to the real value of the home. Bankruptcy law prevents a homeowner from getting rid…
It used to be that filing bankruptcy in Mississippi carried with it a bad social stigma. Not anymore. Did you know that Toni Braxton has filed bankruptcy twice. She stated in an interview that “bankruptcy for me was a protection”. She used bankruptcy to protect herself from all the creditors…
Individuals with excessive debt sometimes wonder whether it makes sense to file for bankruptcy. There are many reasons why people who need financial help should file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Making this decision is something you should discuss with a well informed Mississippi Bankruptcy attorney who…
No. Bankruptcy laws are designed to give you a fresh start without having to start all over again with nothing. As part of your new lease on life you get to keep a certain amount of property for you and your family. This property is called “exempt property.” The Mississippi…
No. Bankruptcy laws are designed to give you a fresh start without having to start all over again with nothing. As part of your new lease on life you get to keep a certain amount of property for you and your family. This property is called “exempt property.” The Mississippi…
Mississippi and Federal Bankruptcy law requires that you list each and every creditor, person and company that you owe money. This does not mean that you will lose your house, car, truck or furniture. The Mississippi courts require that you list everyone so they can get an accurate picture of…
First, a little history about bankruptcy. Bankruptcy originates from the Bible. The Lord told the Israelites in the Old Testament to forgive their debts every seven years and our founding fathers incorporated this into what we know as bankruptcy. These laws are designed to help honest people get a fresh…
This is a question that comes up at every conference I have with individuals considering debt relief. It is a natural question since very few of us could obtain a house or car without access to credit. Credit Bureaus are allowed to report a bankruptcy filing for ten years. That…
There are many types of bankruptcy, but only two types that most Mississippi residents would be interested in. Chapter 13 is what people refer to as bill consolidation, debt relief plan and bill repayment plan. Where a Chapter 7 wipes out or discharges your debts without any payment, a Chapter…
There are many types of bankruptcy, but only two types that most Mississippi residents would be interested in. Chapter 7 is what people refer to as total bankruptcy, liquidation or complete bankruptcy. Where a Chapter 13 proposes a plan to repay your creditors over set period of months, Chapter 7…