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chapter 7 Archives

What happens when I file for Chapter 7 bankruptcy?

A previous blog post discussed the eligibility requirements for filing Chapter 7 bankruptcy. Mississippi debtors whose income falls below state median income requirements or who satisfy the means test will be eligible for Chapter 7. Several circumstances will render debtors ineligible for Chapter 7, such as if their debt had been discharged under Chapter 7 within the past eight years, the debtor did not satisfy the credit counseling requirement, or the debtor engaged in fraud.

Do I qualify for Chapter 7 bankruptcy?

Mississippians struggling with debt may want to consider their bankruptcy options. One option is filing for Chapter 7 bankruptcy. To do so, debtors must meet certain eligibility requirements. Applicants may qualify for Chapter 7 bankruptcy, if their income falls below the median income in their state. Debtors must participate in credit counseling within 180 days prior to filing for Chapter 7 and submit a certification of completion upon filing with the bankruptcy court.

Filing for Chapter 7 bankruptcy stops wage garnishment

Deciding whether to file for bankruptcy is a difficult decision that is influenced by many factors. If debtors want to stop wage garnishment, they may decide that filing for Chapter 7 bankruptcy is the best course of action. A benefit of Chapter 7 bankruptcy is that once filed, an automatic stay is imposed on creditors, which prevents them from continuing collection actions during the bankruptcy case.

Chapter 7 bankruptcy exemptions for Mississippi residents

Declaring bankruptcy is sometimes the best solution for those struggling with debt. The Bankruptcy Code provides several methods of doing so, the most common of which is Chapter 7. Declaring bankruptcy under Chapter 7 allows a court-appointed bankruptcy trustee to sell all the debtor's non-exempt assets and use the proceeds to pay off their debts, thereby giving the debtor a fresh financial start.

What is the difference between Chapter 7 and Chapter 13?

Many residents in Mississippi find ways to save up money and work through financial problems; however, some debt situations are much too large to deal with on your own. In these cases, it is often crucial to think about what options are available and what help is accessible.

Considering a Chapter 7 bankruptcy filing

Dealing with debt is not fun. In fact, some residents in Mississippi hate dealing with the fact that they have so much debt. The unfortunate reality is that debt cannot just be brushed under the rug. No matter how much you ignore it, it has a way of finding you and impacting your life. Even though it is not pleasant to deal with, it is a manageable issue to address and resolve. In fact, filing for bankruptcy can often be the answer to many consumers' questions.

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