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Chapter 13: saving possessions and clearing debt

No one jumps to the topic of personal bankruptcy with ease. Yet due to a number of advantages, Chapter 13 bankruptcy is an ideal route for thousands of Mississippi residents -- generally for the reason that it does not result in the liquidation of assets and it allows room for a repayment plan. Many consumers are overwhelmed by the details of Chapter 13, and as a result suffer from a number of psychological issues. However, this plan is straightforward and can typically help resolve debt within three years.  

The common goal of Chapter 13 bankruptcy is to make the process of handling debt simpler and less damaging overall, but the steps of the process can prove to be distressing. U.S. News reports on the emotional toll of bankruptcy, and how filing such a plan can have lasting psychological effects. While Chapter 7 is generally seen as more pressing, U.S. News uses the findings of a financial therapy expert to show that those filing Chapter 13 nevertheless may experience stress in relationships and even family trauma. One reason for this stress is the process itself, where individuals must track down all debt, hire legal experts and scrutinize their case to ensure accuracy. As a result, emotional health can be pushed to the background.

By understanding the details involved in this type of plan, individuals and families can better avoid placing their physical and mental health in jeopardy. The Mississippi Bar clarifies the steps within a Chapter 13 bankruptcy, acknowledging that, contrary to a Chapter 7 bankruptcy, Chapter 13 allows consumers to form a financial resolution without the stress of liquidating possessions. The Bar also points out that approximately 20 percent of all consumer bankruptcy filings fall under Chapter 13, and that those with a steady income can pay off their debts in as little as three years. Unless prohibited by the court, consumers also have no limit to the number of times they file under Chapter 13, whereas those filing under Chapter 7 may only do so every six years.  

        

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Pond Law Firm
1650 Lelia Drive Suite 101
Jackson, MS 39216

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