You're trying to decide between Chapter 7 bankruptcy and Chapter 13. What are the differences and how do they impact your debts?
Even with a strong economy, many people in Mississippi continue to experience serious financial pressures. As the holiday shopping season has now passed, now may be the time you decide to sit and take stock of your debt inventory. If you believe that filing for bankruptcy may be the best way for you to get the financial fresh start you are looking for, you will want to learn about the different types of debt and how that may direct what type of bankruptcy is best for you.
When residents of Mississippi struggle with debts and begin to consider declaring bankruptcy, they have two main options. The first is Chapter 7, colloquially known as liquidation bankruptcy. The second is Chapter 13, commonly called wage earner's bankruptcy. Looking at Chapter 13 specifically, how will you know if it's a good fit for you?
When you are facing financial difficulties in Mississippi, you may find that you also face the foreclosure of your home. Sometimes in this situation, you may want to consider declaring bankruptcy. We at the Pond Law Firm understand that you have many questions about Chapter 13 bankruptcy and how it can affect your foreclosure.
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.
Are you one of the many residents in Mississippi who are facing serious levels of debt that you can no longer effectively manage on your own? If so, you may have given thought to filing for bankruptcy. While certainly a personal bankruptcy may offer you the chance to get back on your financial feet, it is important that you effectively evaluate your bankruptcy options so as to choose the right type of plan that meets your needs.
Even in the midst of a relatively healthy national economy, many consumers in Mississippi continue to find themselves struggling to get out from under high piles of debt. If you are one of the people plagued by debt and expenses that you cannot get ahead of, you may be wanting to know if a bankruptcy could help you. Before you jump in and make a decision, it is important to understand Chapter 13, one special type of consumer bankruptcy.