Mississippi Consumer Help Blog

Can I Pay And Keep My Credit Cards After I File Bankruptcy?

Published on: July 30, 2013 | Frank Coxwell

Can you pay your credit cards after filing bankruptcy? Of course. You can pay anyone you want to pay. But should you? Let’s explore whether first of all you can keep them, and second if you have anything to gain by paying debts that were wiped out by the bankruptcy court…

Can you keep your credit cards after filing bankruptcy? You should know that your credit cards will be canceled by the creditor once you file bankruptcy. Even if you want to keep them and continue to pay, they will be canceled. Credit card companies are constantly checking your credit reports and the moment they see the bankruptcy they will cancel the card. This is a surprise to many people who thought that by not listing one or two cards in their bankruptcy, they could keep using them. No company is going to let you keep a credit card. They all want you to reaffirm the debt and pay it off, but they will not extend the current credit privileges, even if you agree to pay what is owed. Now after filing bankruptcy, you may get flooded with new offers for credit cards (some offers may even be from the same companies!) but they will not allow the current account to remain open.

Why? Once a debt is discharged in bankruptcy, the creditor can’t have any contact with you. No letters, no phone calls, no law suits, no efforts to collect, and no reports to the credit bureau. You can sue them if they violate these rules. So if you repay the debt, the creditor can’t and won’t report it on your credit record. They will take the money, but you won’t any recognition or credit for paying it.

Famous People Who Filed Bankruptcy

Published on: July 17, 2013 | Frank Coxwell

Do only broke or penniless people file bankruptcy? Not at all. If you decide to file bankruptcy, you will be among many of the rich and even famous that have also faces financial difficulty. Here are a few names of people who filed for bankruptcy that you may recognize. Many of them made the most of their fresh start and went on to make millions after they filed bankruptcy.

Larry King- Popular talk-show host Larry King filed for bankruptcy in 1978, but able to retire with an estimated wealth of about $50 million.

Donald Trump – After filing bankruptcy four times, the Trump name and brand is known throughout the world and Donald remains one of the richest men alive.

NACBA 20th Annual Convention: San Antonio, TX

Published on: June 23, 2013 | Frank Coxwell

I have been a member of NACBA (National Association of Consumer Bankruptcy Attorneys) for quite some time and was able to attend the 20th annual convention this year which was held in beautiful San Antonio, TX. I would strongly suggest that you bookmark the NACBA site as a resource for consumer bankruptcy matters. Congress, their staff, the media, and the Judicial Branch all recognize NACBA as the lead voice in America regarding consumer bankruptcy law. The Association & it’s member attorneys put their expertise to work by frequently testifying before judicial and legislative bodies against any anti-debtor legislation introduced by an aggressive consumer credit industry. NACBA continues to play a significant role in forming the outcome of policy-related discussion and debates regarding consumer bankruptcy practices. It truly lives up to it’s goal

To ensure that the voices of consumer debtors and their attorneys are heard in the halls of Congress, the Judiciary and other arenas affecting consumer debtors; and to help consumer bankruptcy attorneys represent their clients more effectively.

Bottom line, attending NACBA conventions provide a wealth of education and keep attorneys up to date on the latest in bankruptcy law – which is a must if you are going to provide the best protection for your clients. Multiple vendors also attend the conference, educating us on the latest available debt counseling programs and a host of other items designed to help consumers before, during, and after bankruptcy. I’ll be blogging about some of the gems pulled from this conference a little later, so stay tuned! In the meantime, here are some pictures from the convention this past weekend…and yes – I’m the one in the toe shoes speaking with a good friend of mine, Mississippi NACBA State Chair, attorney Pat Sheehan.

MPB Money Talks discusses Bankruptcy Chapters and Recovery

Published on: June 19, 2013 | Frank Coxwell

Frank Coxwell explains bankruptcy chapters & how to recover from bankruptcy.

To listen to the program, click here

I joined the Mississippi Public Broadcasting (MPB) show – Money Talks – on June 18, 2013 to discuss the topic of bankruptcy, what the different chapters have to offer consumers, and how to recover from filing bankruptcy. We covered a lot of really good information and were able to take a lot of calls from listeners with great questions. If you are contemplating bankruptcy or even just interested in what it has to offer, I highly recommend you click above and listen to our discussion.

Jackson Lawyer Frank Coxwell

Published on: June 13, 2013 | Frank Coxwell

To review the various commercials of bankruptcy and mortgage attorney Frank Coxwell as seen on TV in Mississippi, click here to go to our Media page. Mr. Coxwell covers various areas of bankruptcy and mortgage legal options available in Mississippi to consumers struggling with financial issues. Stop garnishments. Stop Foreclosure. Deal with student loan and tax debt. Stop lawsuits. Protect yourself, your paycheck, your family, and your property.

Coxwell Attorneys three-peat win of 2013 Pink the Town!

Published on: June 13, 2013 | Frank Coxwell

Well, the staff vowed that we would “three-peat” our win this year and they did! 2011, 2012, and 2013 – Pink the Town champs! It’s great to get involved in a cause that touches so many. Our race team had a great time – some ran the 5K and some the 10K but all made it across the finish line! We hope you enjoy the pictures below. Sadly, this was the last year for the Pink the Town part of the contest…but we look forward to the other activities next year. Visit the Susan G Komen site and get Passionately Pink.

Can bankruptcy help me get my utilities turned back on?

Published on: June 13, 2013 | Frank Coxwell

Is your water or electric power turned off? Bankruptcy can help. As soon as you file bankruptcy the utility company must restore your service. If the company is threatening to shut off your water, power or gas, then the bankruptcy will stop the cutoff process. The bankruptcy can also wipe out the bills owed to the utility company so you won’t have to make the back payments.

There is one catch. If you want to continue to receive water, gas, or power in the future the city or company can make you put a deposit for future service. The size of the deposit is dependent on how much your average bills were, but is usually somewhere between $150 and $300. If you had a water leak and your past due bill is $1,000.00, then posting a new deposit of a couple of hundred dollars is a lot better than paying the old bill. You will get the deposit back when you move.

Public utilities, such as the electric, telephone, gas, and water cannot refuse you service or cut off their service just because you file for bankruptcy and owe them money. But 21 days after filing bankruptcy the company can terminate the service if you do not put up a deposit or provide other security to insure that the future utility bills will be paid.

Will my job, my family, or my friends know that I filed bankruptcy?

Published on: June 13, 2013 | Frank Coxwell

No. Although a bankruptcy case is a public record, it is not that easy to find. Bankruptcy information is not published in any Mississippi newspaper that I am aware of. Yes, one of your nosey neighbors could go to the bankruptcy court and ask but that is a lot of effort and most people will not go that far. The bankruptcy court does not contact your employer and neither will your lawyer.

Now there are several situations where you may need your job, friends, or family to be contacted.

If you owe money to your employer, your friends, or family members, then they may be one of your creditors and they will be notified of the bankruptcy.

Foreclosure Prevention Week MPB Money Talks Radio

Published on: April 2, 2013 | Frank Coxwell

I had the pleasure of being a guest again on the Mississippi Public Broadcasting (MPB) show – Money Talks – on April 02, 2013. It was “Foreclosure Prevention Week” so we spent the hour discussing the process of foreclosure in Mississippi and the options available to consumers to save their home. If you didn’t get a chance to hear the conversation, you can go to their main site and take a look at all episodes – they have a lot of great information on all sorts of financial topics and a lot of great guest speakers.

Be sure to catch their show Tuesday’s at 9:00am on MPB Think Radio. And be sure to save this link to their home page as a favorite. Thank you Kevin, Chris, and Nancy! Hope to see you again soon!

Must I be current on my house to file chapter 7 bankruptcy?

Published on: February 12, 2013 | Frank Coxwell

Yes and No. In most cases as long as you are up to date on your house payments you can keep your home. If you are not current, the bankruptcy filing protects the home from foreclosure and this could give you the time you need to get caught up, if you were only a couple of months behind.

If you are significantly behind on your house payments, then a chapter 13 is the only way to go if you want to save your home. The most important thing is to file the bankruptcy as soon as possible so they don’t foreclose on your home. Both a chapter 7 or 13 bankruptcy filing stops foreclosure. The mortgage company would have to then get permission from the bankruptcy court to start the foreclosure process up again. It’s important to meet with an experienced bankruptcy lawyer to lay out a proper strategy for dealing with your debts in a way that protects the property you wish to keep.