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.
It is also important to learn about the steps in each bankruptcy and who is involved at each point. As explained by the United States Courts, your case will involve the appointment of either an individual or a business entity as your bankruptcy trustee. The trustee will do many things during your Chapter 13 plan including reviewing all information provided such as the schedules and your initial petitions.
During the three- to five-year period of your Chapter 13 bankruptcy, you will make monthly payments. These are send directly to your bankruptcy trustee. It is the trustee’s job to then take the money and pay your creditors as per the agreement made at the outset of your bankruptcy.
This information is not intended to provide legal advice but is instead meant to give people in Mississippi who are considering a Chapter 13 bankruptcy an idea of what a bankruptcy trustee is and how they will interact with a trustee during the life of their Chapter 13 plan.