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Are you a candidate for Chapter 7 bankruptcy?

| Mar 23, 2021 | Blog, Chapter 7 Bankruptcy

It’s important to decide if Chapter 7 bankruptcy is the right option for your financial situation and if it’ll offer relief in Mississippi if you’ve accumulated a significant amount of debt in recent years. It may be the right step to take if it’ll discharge enough of your debt to help you regain your financial standing and if you are judgment-proof.

This type of bankruptcy is likely necessary if you have a consistent income stream and assets that the creditor can collect from you. If you don’t have an income or assets then you will likely be denied Chapter 7 bankruptcy. It’s also an ideal option if you don’t want to give over property that you own and lose your house.

How to prepare to file Chapter 7 bankruptcy

Some of the best ways to prepare to fine for Chapter 7 bankruptcy is to learn your state’s exemption laws to determine your property exemptions. It’s also necessary to determine if you’re eligible by taking the means test. You also need to redeem or reaffirm secured debts while filling out the proper bankruptcy forms with the help of a professional to avoid making common mistakes. Prepare to take a credit counseling course, which is a requirement if you’re approved to file bankruptcy.

Who can you contact for legal assistance?

If you want to consider filing for bankruptcy, contact a legal professional to obtain assistance with the process. The attorney will inform you of your rights and help you to navigate each step. The attorney can tailor the solutions to meet your specific situation and review the details during your initial consultation. They can help you to restart your financial life and learn how to rebuild and establish your credit.