To you, bankruptcy may seem like a fairly "cut-and-dry" process: you file, disclose your debts, and then have them discharged. You likely thought that at no point would you be told that you had to go through credit counseling. Many in Jackson have come to us here at the Pond Law Firm with the same question that you now have: "Why do I need to do this?" Such confusion makes sense; after all, should it not be assumed that if you are filing for bankruptcy, you have already determined that you are not in a position to settle your debts on your own?
Many people in Mississippi who find themselves with increasing levels of credit card debt may often wonder how in the world they can eventually make their debt decline instead of continue to grow. Even when making payments every month, interest rates, annual card fees or late fees can counteract their best efforts to get out of debt. Bankrate suggests that there is one relatively simple thing people might try to help.
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.
People in Jackson likely are willing to do all that they can in order to avoid financial struggles. Yet no one may be immune from having issues with debt. Oftentimes, those issues can become so overwhelming that bankruptcy protection is the only viable path for one to be able to reasonably return to enjoying a healthy financial situation. The automatic stay that accompanies a bankruptcy filing stops any further collection efforts that one's creditors might be planning. In addition, it may also halt foreclosure proceedings that a bank or lender may have initiated on one's home.
Nobody likes losing, and for some people in Mississippi, filing for bankruptcy feels like losing. What you are losing, however, are the stress and anxiety that an overwhelming amount of debt brings. What you are gaining is a fresh start, and everyone deserves a new start. It may help you to know that there are many others in the same boat, including plenty of people that have become successful after a bankruptcy. Here is a lighter look at celebrities who have been where you are now and have come through fine on the other side, as you will too.
It has been roughly a whole decade now since the Great Recession hit the United States. While many people in Mississippi have been enjoying the results of a healthier economy there continue to be many who struggle to make ends meet. Despite news reports these people are far from alone and in fact may represent a growing population once again.
When you are neck deep in debt, it is easy to look around and feel as though you are the only one in Jackson struggling with such a problem. Trust us here at the Pond Law Firm when we tell you that you are certainly not alone. Debt can easily overwhelm anyone's financial lives, leaving them (like you) scrambling to figure out what your best option for getting back on a firm financial footing may be. Personal bankruptcy is an option, yet you may feel a strong obligation to pay your creditors what you can. Fortunately, a Chapter 13 bankruptcy offers you protection while still being able to pay back something.
There are many challenging aspects to personal financial management, but bankruptcy can be among the most overwhelming. Mississippi residents currently facing this obstacle may be wondering what might happen to their properties, their vehicles and their futures. Filing for bankruptcy can be a frightening time, but there are basics to be aware of when beginning this process.
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.
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.