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October 2017 Archives

How the blended retirement system will affect military divorce

The Blended Retirement System (BRS) goes into effect on Jan. 1, 2018. It will make some changes to the military retirement system and other military laws. Many Mississippians believe the BRS will increase the complexity of military divorce cases, and these cases may have different results, depending on the state the divorce is filed.

Modifying a Chapter 13 bankruptcy plan

A previous Mississippi post discussed debtors' obligations under Chapter 13 bankruptcy. Once the bankruptcy court confirmed a debtor's repayment plan, they must follow the repayment for either three or five years. However, certain circumstances may warrant a modification of the initial plan.

What are my obligations under Chapter 13?

Mississippi debtors may decide that filing for Chapter 13 bankruptcy is the best way for them to get a fresh financial start. Chapter 13 bankruptcy, or reorganization bankruptcy, allows debtors to adhere to a structured repayment plan to pay off their debts. This is different from Chapter 7 bankruptcy, or liquidation bankruptcy, which allows debtors to have their debts forgiven in exchange for allowing a trustee to liquidate all their non-exempt property.

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.

Chapter 13 bankruptcy can help you get back on your feet

It doesn't take long for a small issue to become a huge financial mess. Maybe you experienced a sudden medical event, like a stroke or a heart attack. Perhaps you got into a car accident. Sometimes, the death of a loved one could call you out of town or leave you unable to deal with the daily details of life.

Contact My Law Offices To Learn More & Receive A Free Initial Consultation.

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