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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.

Before simply filing for bankruptcy, one should question if personal bankruptcy is right for them. Because there are other alternatives, it is important to fully understand what it means to initiate and go through this process. A person's life could be impacted for several years even though bankruptcy is giving them a fresh financial start.

If bankruptcy is the answer, than the type should be questioned. There are more than one type of filing and not each type meets the needs of the filer. Thus, taking the time to understand what qualifies a person for a certain type, how the process is carried out and how it will impact the filer afterwards is paramount.

For example, Chapter 7 bankruptcy is known as liquidation bankruptcy. This is typically what a person thinks of when they hear the term bankruptcy. This type of bankruptcy requires a trustee to sell all of the debtor's nonexempt property, using it to pay off almost all of the debtor's financial obligations. While there is no debt minimum or maximum for this process, a filer's income must fall below or be equal to the state's median income.

While Chapter 7 bankruptcy may wipe out most of a person's debt, it is important to understand that some debt may still remain. It is also important to note how this process could impact your credit score and the ability to acquire future loans. Therefore, seeking guidance from an experienced attorney is valuable. This will ensure that you are well aware of your rights and options when it comes to reducing and eliminating debt.

Source:, "Should I file for bankruptcy?" David Chandler, Feb. 12, 2017

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