Sometimes financial fortunes in Mississippi can change quickly. You have received a large inheritance, or maybe your boss has given you a robust holiday bonus and even a big raise. No matter the reason, if you are in the middle of a Chapter 13 bankruptcy and have received a big financial windfall, you may want to accelerate the bankruptcy process by paying off your debts early. This might seem like a wise move, but there are drawbacks.
Should I try to fast forward my Chapter 13 debt payment?
1 way that bankruptcy makes you a good risk to lenders
Those who consider filing for bankruptcy often worry about their credit score and whether they will be able to get loans in the future.
Mississippi has fourth highest bankruptcy filing
People in Mississippi who are struggling to pay their bills and still provide for their families are not alone. New data shows that the state has the fourth highest rate of bankruptcy filings nationwide. In addition, the number of individuals and businesses that have filed for bankruptcy is on the rise.
Medical bills not always accurate
People in Mississippi have often been taught to appropriately respect health care professionals and those who support them. This respect may be warranted in many cases but should not prevent a person from making sure they fully understand the bills they receive from doctors, labs, hospitals or other providers and facilities. In fact, careful review of these bills may expose inaccuracies that could otherwise contribute to excessive and inappropriate debt for patients.
Older millennials saddled with high credit card debt
Residents in Mississippi who are struggling to make ends meet every month and end up seeing their debt increase instead of decrease may start to consider bankruptcy as an option. Certainly, this can help and deciding which type of bankruptcy to file for will depend in large part on the type of debt a person has. For people with predominately unsecured debt, such as credit card debt, and few assets to lose, a Chapter 7 bankruptcy might be the right way to go.
Financial challenges for divorcing women
If you are a woman in Mississippi facing an impending divorce, in the midst of a divorce or even already divorced, you may find yourself in a difficult financial situation that you never before imagined. There may be many reasons for this including the fact that you and your partner or former partner now must support two households on the same income that previously supported only one household.
