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The basics of Chapter 7 bankruptcy

Chapter 7 bankruptcy can help with a fresh financial start for those that may be struggling with the stress and strain of overwhelming debt. Chapter 7 bankruptcy works by allowing the party filing for bankruptcy to liquidate assets to repay creditors and enjoy debt relief. After attending required credit counseling, the party seeking bankruptcy relief can file for bankruptcy protection.

Can my bankruptcy discharge be revoked?

Mississippians struggling with debt may be able to obtain a fresh financial start by filing for either Chapter 7 or Chapter 13 bankruptcy. Under Chapter 7, debtors must liquidate all non-exempt property to pay off their creditors whereas under Chapter 13, debtors may keep all their property in exchange for using their disposable income to pay off their creditors according to a long-term payment plan. Once the bankruptcy proceedings are complete, the debt is discharged and the debtor is no longer liable for those debts.

Reaffirming debt under Chapter 7

Mississippi debtors may decide to file for Chapter 7 bankruptcy in order to get a fresh financial start. Those approved for Chapter 7 bankruptcy will be able to stop wage garnishment and other collection activities during the bankruptcy process and will generally be able to discharge their debts in exchange for the liquidation of their non-exempt property. In certain cases, debtors may decide to reaffirm a debt; there are several Bankruptcy Code requirements for doing so.

Overview of the Chapter 7 means test"

As this blog has discussed previously, a Chapter 7 bankruptcy is a great way for a struggling Gulfport, Mississippi, family struggling under the weight of debt get a fresh financial start. Many people in Gulfport prefer Chapter 7 since the process does not involve a repayment plan and can be resolved relatively quickly. Sometimes, a family does not even have to turn over any of their property after filing a Chapter 7.

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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