Articles Posted in Bankruptcy FAQ

Bankruptcy FAQ – there are so many frequently asked questions about filing bankruptcy. Should I file? When should I file? What will it do to me? Will I lose everything? Can I keep my car? Can I keep my home? Will it stop a garnishment? Will it stop a foreclosure? If I’m married, do we both have to file? Will it affect my spouse? I’m behind on child support, can it help me with that? There are two main kinds of bankruptcy that an individual would choose from and they are Chapter 7 or Chapter 13. Both types have pros and cons. And both types definitely have a lot of false information spread out there about them. That’s where bankruptcy FAQ pulled together and in one place for someone to search through the answers helps so much to clarify fact from fiction. The laws in this area have changed over the years. The stigma of filing should not be there but because of the efforts of credit card companies and many other creditors spreading rumor and judgment, it sometimes still is there. Bankruptcy laws were created to protect you. To keep you and your family functioning during and thru hard times. Everyone experiences rough patches to no fault of their own. Death of a spouse, divorce, loss of a job, medical illness, accident, etc – so many things can impact our finances negatively that we had little to no control over. Bankruptcy allows you to regain control of things and get going back in a stable financial direction.

Myths About Bankruptcy In Mississippi.

Published on: May 6, 2011 | Frank Coxwell

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 that came after her when she canceled her Las Vegas show due to illness.

People who really need to file bankruptcy in Mississippi to stop foreclosure or stop wage garnishment still hear persistent myths that are either half-truths or completely false. The goal of bankruptcy is to help you out of difficult financial problems.

Here is a short run-down of some of the top false myths about bankruptcy.

Will I Lose My Car Or Truck If I File Bankruptcy?

Published on: October 21, 2009 | Frank Coxwell

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 exemptions available for motor vehicles provide up to $10,000 worth of equity in one or more vehicles. Since many vehicles are worth less then the amount that is owed on them it is not usually necessary to use any of your exemptions for a vehicle.

Will I Lose My House If I File Bankruptcy?

Published on: October 21, 2009 | Frank Coxwell

No.

They allow an individual or couple to retain a homestead consisting of up to 160 acres of land and $75,000 worth of equity in that property. An individual that is seventy years of age or older is entitled to an additional $50,000 exemption that can be applied to the homestead or any other property. There are many other generous Mississippi exemptions available to protect and allow you to keep other types of property.

5 warning signs that show you may need to file Bankruptcy

Published on: September 22, 2009 | Frank Coxwell

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 start in life without losing everything they have worked for. There is no absolute rule on who should file bankruptcy, but most people wait until it is too late to contact a lawyer to see if they will benefit from filing for bankruptcy.

Here are some of the alarm signals you should consider as warnings that it is time to contact a Mississippi lawyer for information about bankruptcy:

Do I Have To List All My Debts When I File Bankruptcy?

Published on: September 22, 2009 | Frank Coxwell

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 your financial situation.

Most secured creditors want you to keep the house, cars and furniture. Creditors would rather have you paying for the property then get it back, but it will be your decision what property you want to keep and pay for and what to surrender and walk away from.

If you have a zero balance on a bill then that is not a debt, you do not owe them money and they do not have to be listed. But, speak with your lawyer before you go out and start paying bills to keep from listing them. You may be creating more problems for yourself and the court may take the money back from the creditor and then divide it among all your creditors.