NACBA
NACA - National Association of Consumer Advocates
American Bankruptcy Institute
MAJ - Mississippi Association for Justice
Max Gardner's Bankruptcy Boot Camp

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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 of the first mortgage if they want to keep the home, but the rules don’t apply to second mortgages.  The second mortgage can be stripped off (canceled)  if there is no equity to cover the debt, which is the case for thousands of Mississippi homes that are worth a lot less now.

The law has been in effect for years, but during the housing boom houses were worth much more and there was not much occasion to use it.  This is only available in Chapter 13 bankruptcy.

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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.

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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 is an authority in consumer bankruptcy.

Bankruptcy laws are there to help you get a fresh start and relieve you of the burden of overwhelming debt.

When Does Filing Bankruptcy Makes Sense.

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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 to homeowner residents are usually sufficient to protect your residence.

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.

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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.

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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.

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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:

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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 fact that  a bankruptcy is recorded on your credit report doesn’t mean you will never be able to buy a house and a new car or truck.  Bankruptcy does not carry the same tarnish today that it carried in the days of your grandparents.

One of the primary temptations facing people who file for debt relief is the flood of new credit cards they are offered after filing for Chapter 7.  You will not have to wait years and years to build up your credit rating or to obtain new credit.

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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 13 proposes a plan to repay your creditors over set period of time.   The repayment plan can help you save your house by catching up the mortgage payments and paying off your vehicles at a lower monthly payment.

The unsecured creditors, such as credit cards and medical bills can be paid anything ranging from zero to a percentage of what you owe.  The payment plan must be at least 36 months and no more than 60 months and this length is based on upon your ability to pay.

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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 wipes out or discharges your debts right away without any payment and gives you a clean slate.

The Chapter 7 will still allow you to keep your house and vehicles.  The unsecured creditors such as credit cards and medical bills are totally wiped out, discharged, and can never be collected from you. There is nothing deducted from your paycheck and you are responsible for continuing to make the monthly payments on the house, car and truck and any other property you intend to keep.

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Jackson, MS 39216
Phone: (601) 948-4450
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