No. Just because you are filing for bankruptcy, it does not mean you will automatically lose everything you own. You are entitled to claim “exemptions”, which are things that creditors cannot take from you. You must be honest with the Court and include a list of all your assets. To…
Articles Posted in Mississippi Bankruptcy
Can I get my Chapter 13 Plan payments lowered?
Possibly, but first you need to understand that a Chapter 13 plan is not based on your income. It does not fluctuate depending upon how much you make. The Chapter 13 plan amount depends upon what you plan on keeping and/or what creditors you plan on paying through the bankruptcy. …
How many times can you file bankruptcy?
Although there is not a limit on the number of bankruptcy cases you can file and no limit to the amount of time in between filings, there are limits to when you are eligible to receive a proper “discharge”. So why would you want to file a bankruptcy case if…
Do I have to report my spouse’s income if I’m filing alone?
If you are filing bankruptcy as an individual (not jointly with your spouse), yes, you must still report your spouse’s income. However, this in no way includes your spouse in the filing. The court simply looks at your total household income for calculating eligibility (Means Test) and for your…
Does my spouse have to file bankrutpcy with me?
No. There may be reasons why it would benefit you both to file together, but the choice is yours individually to make. You cannot be forced to file with your spouse and likewise, you cannot force your spouse to file with you. When you file alone, you are filing “individually”. …
Offering 2 Classes in 2012 Fall Millsaps Community Enrichment Series
I will be teaching in the Millsaps College Community Enrichment program – 2012 Fall Series that is open to the public. I will be hosting 2 sessions under the section “Money & Business”. Click here to register. “Who Owns your Home? Mortgage Securitization in Mississippi” will be a 2 class session Oct…
Is Chapter 13 The Right Choice For You?
First of all, discuss your situation with a competent and knowledgeable bankruptcy attorney, preferably one who only represents consumers. Do it before you do anything thing else, before you pay any creditors or relatives, before you give any property away, before you let the house go, before you take on…
Lien Stripping – Getting Rid of 2nd Mortgages
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…
Myths About Bankruptcy In Mississippi.
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…