Chapter 13 Bankruptcy Lawyers, Jackson, MS

On Behalf of developers | December 16, 2025 | Chapter 13 Bankruptcy,Debt Relief

Overwhelming debt can change your life forever, yet if you handle the debt properly, you may have a lifeline, a way to reorganize your debt, catch up on past bills, and stabilize your financial future. Chapter 13 bankruptcy in Mississippi may be just the way to create a brighter financial future without losing your current vital assets. Chapter 13 is a powerful tool that is commonly called the “wage earners plan,” and offers the first step toward debt relief. 

What is Chapter 13 Bankruptcy 

For those who are struggling with debt and yet have a regular income, Chapter 13 bankruptcy is a section of the U.S. bankruptcy code that allows those individuals to develop a court approved repayment plan. This allows you, as the debtor, to repay all or part of your debts over a manageable timeframe. Most commonly, you will receive a repayment plan that spans 3 to 5 years and enables you to repay at least some of your debt. This is different to Chapter 7 bankruptcy which is a liquidation bankruptcy, forcing you to liquidate your assets to pay your creditors.

Who Should Apply for Chapter 13 Bankruptcy in Mississippi?

Chapter 13 bankruptcy is ideal for those individuals who have regular income and yet perhaps do not have the savings or financial stability to repay creditors in a timely fashion. This form of bankruptcy offers you a way to regain financial stability if you have a regular income and can consistently repay at least part of your debts over a span of time. 

Features of a Chapter 13 Bankruptcy Plan

• Automatic stay: When you file for bankruptcy, an automatic stay goes into effect immediately. This stops most collection efforts and saves you from harassing creditor calls. It also gives you the opportunity to regain some financial stability while the payments are halted. Most importantly, it stops foreclosures and repossessions.
• Repayment period: After your Chapter 13 bankruptcy filing in Mississippi is approved, the court will determine a three to five year repayment plan. The length of time is generally determined by your current monthly income compared to the median income for a household of your same size in Mississippi. 
• Payment: Rather than paying all the creditors you owe, once you file and are approved for Chapter 13 bankruptcy, your repayment plan will have you make one single monthly payment to a court-appointed trustee. The trustee will disperse the funds of your credits according to the confirmed repayment plan and take care of the distribution to your creditors. 
• Discharge: When you have successfully completed your three to five year repayment plan, any remaining dischargeable unsecured debts will be eliminated, allowing you to regain financial stability and have a completely fresh start. This is contingent upon you sticking to the repayment plan and remaining consistent in the court appointed payments.

Benefits of Chapter 13 Bankruptcy in Mississippi

If you have a steady income or valuable assets that can help you slowly repay your creditors, Chapter 13 can help you save your home and keep your protected assets. You can stop foreclosure proceedings with Chapter 13 bankruptcy and use a repayment plan to catch up on missed mortgage payments. You may also be able to keep your property, unlike Chapter 7, which may require selling your non-exempt assets like property. Similarly, you may be able to lower your car payments. If you have owned your vehicle for less than two and a half years, you can change the loan to cover your vehicle’s current value and extend the payments over your Chapter 13 repayment plan period. Most often Chapter 13 bankruptcy repayment plans do not include interest. When you have filed for and have been approved for a Chapter 13 bankruptcy plan, the interest on items like child support or back taxes is halted. This gives you a chance to catch up and pay back what you owe rather than paying off interest and missing out on paying toward the primary loan amount.

Best Law Firm for Chapter 13 Bankruptcy Mississippi

For a legal team that can protect your interests and ensure that your repayment plan is manageable, contact Pond Law Firm. We have helped thousands of individuals across Mississippi reorganize their debt and repay owed debt to create a fresh financial start after the discharge of Chapter 13 bankruptcy. Our experienced team will protect your assets and ensure that your Chapter 13 bankruptcy filing is approved. Reach out today for a free consultation!