Many people may believe that once a recession has been declared over and most economic indicators point to a positive economy, the need for personal bankruptcy no longer exists. This could not be further from the truth and plenty of Mississippi residents are all too aware of their continued need for debt relief.
If you are one of the many residents in Mississippi who has reached the point of realizing that your debt levels are higher than you can effectively manage on your own, you might be looking at filing for bankruptcy to help you out. A bankruptcy certainly has helped many people before you restore their financial health and move forward in a positive manner. Before you make a final decision about whether or not to pursue bankruptcy, you will need to identify which type of plan is right for you.
Whether insured or uninsured, it is not uncommon for people in Mississippi to struggle to pay costs associated with health care. In fact, the Kaiser Family Foundation indicated that medical debt is the single biggest reason that consumers in the United States seek debt relief from bankruptcy.
Even though the great recession was several years ago now, many people in Mississippi continue to face the consequences of the financial problems they experienced during that event. Part of this is because the after-effects lasted for a while. A lot of consumers tried to make things work during the hardest part of the recession only to end up filing for bankruptcy or having a home foreclosed on by a bank a few years down the road.
You're trying to decide between Chapter 7 bankruptcy and Chapter 13. What are the differences and how do they impact your debts?
Choosing to file for bankruptcy in Mississippi is a big decision. Once you have made this choice and decided to file for Chapter 7, you may think there is little else you need to do. However, there is much more to this process and it is important for you to understand the fine details.