Chapter 13

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.

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.

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.

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!

Can I File My Own Bankruptcy?

Published on: January 30, 2013 | Frank Coxwell

Of course you can. Just like you can set your own broken leg, deliver your own baby and rebuild the engine in your own car. You can do these things, but do you really want to? Do you have time? Do you have the proper tools, information and knowledge to get it done right?

Bankruptcy laws are complicated and full of traps. Mistakes and errors can cost you your property and your discharge. Misrepresentation and dishonesty can land you in jail. Let me tell you about preparing and filing a bankruptcy case.

Attorney’s all use software to prepare and print the 50 plus pages that make up a bankruptcy filing just like your tax guy uses a tax program and just like your doctor uses a program to keep up with your visits and medical records. Bankruptcy lawyers put your information into a program that prints the forms and files the papers with the court. This seems simple enough. But once the papers are filed the U.S. Trustee, the case trustee and the court clerks all start going over your papers to see how they can kick you out, deny your discharge or disqualify you from the benefits of bankruptcy. Do you know how to defend your position? Provide responses to any filed objections?

8 Things To Think About Before You File Bankruptcy

Published on: January 29, 2013 | Frank Coxwell

Here are some things to consider before you file bankruptcy so you don’t make a mistake that could get you in trouble or cost you a discharge.

1. Talk to a bankruptcy attorney sooner rather than later. Find out right now how bankruptcy can benefit you. Most people who file should have been in to see a bankruptcy lawyer six months to a year before they made the appointment. Instead they struggled and fought to survive, draining all their savings and retirement, doing everything they could to keep from getting information that could have led to their financial recovery and a new life.

2. Don’t use your credit cards. Some credit card charges may have to be paid if they are made right before you file.

Get a free credit report once every 12 months.

Published on: December 26, 2012 | Frank Coxwell

The end of the year is a time when we start thinking about how the past year has gone, what went wrong, what went right, and what changes we need to make to ensure things are better in the new year. When you are looking at your financial situation, it’s good to pull a credit report to double check what’s being reported to ensure it is accurate information. As a part of the Federal Fair and Accurate Credit Transactions (FACT) Act, every US resident is eligible to receive one FREE credit report every 12 months from each of the nationwide credit reporting companies.

To learn more about this visit the FACT Act Central Site located at annualcreditreport.com. Any other site offering you a free credit report is a scam or a selling tool to get you hooked into monthly fees. Do not contact the three nationwide credit reporting agencies for your free reports. They are only providing them through the following three methods:

Order online at annualcreditreport.com

Can mortgage company foreclose while reviewing for modification?

Published on: December 18, 2012 | Frank Coxwell

At least twice a month I receive calls from homeowners who are in the middle of the modification process with their mortgage company and they get notice of a foreclosure. Over and over they had been told the modification was still being reviewed. In some cases they were told they’d been approved. But all of a sudden they find their home is being advertised in the newspaper and a sale date is set at the courthouse. Mortgage companies review loans for modification and try to foreclosure at the same time. This is known as “dual tracking”. They don’t stop the foreclosure process when a mortgage is considered for a modification. If you are in the modification process with your mortgage company you can never assume that it will be approved or they won’t foreclose. The foreclosure process in Mississippi is quick, so you can’t trust anything they tell you over the phone. If you become aware your home is in foreclosure, contact our office immediately. We can stop the foreclosure sale through filing a Chapter 13 bankruptcy and you can still follow-up with a modification, if needed. You never want to be in a position of trying to get your home back after the foreclosure. Better to be safe than sorry and stop the foreclosure before it happens.

How is the value of what I own determined in bankruptcy?

Published on: December 14, 2012 | Frank Coxwell

Bankruptcy Courts use “replacement value” when determining the value of your assets. Replacement value is defined in the Bankruptcy Code as the price that a retail merchant would charge for property of the same kind, considering the age and condition of the property at the time its value is determined.

This is not the cost to replace the item with a new one or what you could sell the item for; it is the cost that a retailer would sell the used item for in the condition it’s in now.

In cases such as used clothing, furniture, computers, TV, etc. it would be the value of the items if you had a yard sale or placed them on eBay.

If I file bankruptcy, will I lose everything?

Published on: December 13, 2012 | Frank Coxwell

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 keep your assets, you must list them.

You can expect problems with your case and can lose your property if you do not list it or you are not completely honest about what you own. You must list everything you own, have in your possession, will own in the future, or might have an interest in now or in the future. For example, property you would inherit from a parent in the future, the $5 in your wallet, the car or house that is “owned by the bank”, and your baseball card collection. Everything means everything.

It includes things that you are making payments on (cars, real estate, furniture); things you own with someone else (including your spouse); things that have your name on the title or deed as the legal owner (even if you do not have possession of it); things that you are holding for someone else (college account for your child); things that you may not think have a lot of value (household goods and clothing); and claims you might have against someone else such as a claim for injuries in an auto accident.