Mississippi Consumer Help Blog

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.