As a resident of Michigan or Illinois who finds yourself facing an increasingly overwhelming amount of debt, you may be weighing your options and trying to determine the best and most effective way of rebuilding your financial affairs. At Pond Law Firm, we understand that, for some people, filing for bankruptcy can streamline the process of rebuilding your finances and getting your life back on track, and we have helped many clients facing similar circumstances take steps to start the process.
Bankruptcy can be a scary concept for debtors in Mississippi. We at Pond Law Firm know that many people are afraid to file for bankruptcy for fear of losing everything or looking like a failure in the eyes of others. However, bankruptcy laws are there for your benefit. Bankruptcy is not a failure but an opportunity to wipe the slate clean and start over.
Residents in Mississippi who struggle with unmanageable levels of debt may try to avoid filing for bankruptcy for many reasons. Some people may feel that seeking bankruptcy relief is a sign of personal failure. Others worry that the black mark they may receive on their credit reports may preclude them from getting credit again in the future and especially from buying a house someday. The reality is that all of these beliefs are incorrect.
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.
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.
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.
The high and continually rising cost of higher education seems to all but force many people in Mississippi to take out student loans in order to fund their college degrees. In theory, these loans can be very valuable and if a person is able to get a job that pays enough after college, they may be able to repay all of their loan debt. Yet, it seems that many consumers today struggle with many types of debt and student loans are part of that challenge.
Many people in Mississippi who struggle with high levels of debt might have thought about filing for bankruptcy but then not done anything about it because of fears that it might ruin them financially forever. This is far from the truth. In reality, bankruptcy is designed to not only help consumers get our from under mounds of debt but to be a stepping stone to a brighter financial future. Knowing how to make this happen is important.
No matter where you live, federal courts oversee all bankruptcy cases according to rules established in the U.S. Bankruptcy Code. When you file a petition for chapter 7 bankruptcy in Mississippi, the federal trustee names another trustee to oversee the case and sell any nonexempt assets that you may have, according to U.S. courts procedures. The sale of such assets for the highest return is the central role of a trustee, and the trustee has broad powers to guard against fraudulent transfers of property to avoid creditor repayment.
Mississippi residents who might be finding it hard to make ends meet financially every month can sometimes feel very alone, especially when so many reports are heard or read about how strong the economy is in the United States these days. It is important for people first to focus on their own situations, not those of others, but also to look behind the headlines and learn more of the facts. Some actually have pointed out that what looks like a bustling economy may not actually be so down the road.