The post How Much Does It Cost to File Chapter 7 in Mississippi? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>If you’ve found yourself facing the reality of bankruptcy, it’s important to consider the costs associated with filing. Filing Chapter 7 bankruptcy in Mississippi comes with a price tag and Pond Law Firm is here to share more about the price of the process so that you know exactly what to expect.
The overall cost to file bankruptcy in Mississippi is currently around $338, although this varies depending on your county of residence. The cost associated with filing includes various court fees and filing fees, which are due when your bankruptcy petition is filed. With that said, there is a Chapter 7 bankruptcy fee waiver available if you fall below 150% of the poverty line based on your household size. If you do not fall under this line, or your application for a waiver is denied for some other reason, you may be given the option to pay the filing fees in installments.
Bankruptcy Court Filing Fees
The major component of the $338 is the court filing fee. This is a non-refundable payment that pays the administrative costs it takes to process your bankruptcy claim. As stated, this fee may be waived or divided into installment plans if you are filing for Chapter 7 bankruptcy in Mississippi with no money.
Financial & Credit Counseling Cost
Another element of filing for Chapter 7, one that incurs a cost, is a requirement that you complete a financial management course. This is a form of credit counseling that is offered by state-approved providers. The main objective of these courses is to help you learn more about financial planning, effective budgeting, and how to use a credit card responsibly.
Besides the two above-mentioned required fees, there are various other expenses associated with the entire process of filing for bankruptcy. Budgeting for this additional spending prepares you more fully and helps you avoid unexpected surprises. For instance, you will likely have to gather, copy, mail, and have certain documents prepared, all of which come with a price tag.
Of course, the largest cost associated with bankruptcy could come in the form of a bankruptcy attorney if you choose to have representation. While hiring an attorney may seem like a daunting task, most bankruptcy lawyers will actually save you vast sums of money and time, as well as put you on the right track for future financial freedom. If not done correctly, bankruptcy can affect you for the rest of your life. When you have an experienced attorney on your side, you can be sure your best interests have been protected, you have saved every asset possible, and all the steps have been followed to the letter of the law for the benefit of your financial future.
At Pond Law Firm, once we become your trusted partner, we never stop working for you. After guiding you through the entire Mississippi bankruptcy process, we provide financial counseling for years to come, ensuring you get back on your feet financially. Contact us now and get a top rated Mississippi bankruptcy law firm working on your behalf today!
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]]>The post Do Chapter 7 bankruptcy filers have to sell their property? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>For individuals filing for personal bankruptcy, Chapter 7 and 13 proceedings are the most common. Some people refer to Chapter 7 bankruptcy as liquidation bankruptcy. It may only take a few months after someone files their initial paperwork for the courts to approve the discharge of their unsecured debts.
The law sometimes allows for the liquidation of someone’s non-exempt assets to repay their creditors. But, there are state and federal exemptions that allow for the protection of home equity and other valuable personal property during a bankruptcy. Due to a variety of exemptions and the ways in which the bankruptcy process works, most people who file a Chapter 7 bankruptcy do not end up losing any of their assets whatsoever.
If someone has sizable non-exempt assets that the trustee appointed by the courts could reasonably sell to repay creditors and which are not eligible for protection under the exemption rules, then an individual might face the mandatory liquidation of some of their assets. However, that only occurs in a tiny fraction of cases. The vast majority of those pursuing Chapter 7 bankruptcy will not have any of their assets sold.
For many people who are considering bankruptcy, a review of both their income and their accumulated personal property will influence whether or not liquidation is a concern. In the rare circumstances where it may be possible, people may need to consider a Chapter 13 bankruptcy to protect their assets and maximize the benefits derived from their bankruptcy filing.
Seeking legal guidance and learning more about the rules that apply to modern Mississippi bankruptcy can help those worried about their financial situations feel more confident about the solutions they choose.
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]]>The post What does the automatic stay do in bankruptcy? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>The bankruptcy court will issue an automatic stay when you file. This protection prevents creditors from trying to collect money from you while your case remains active. With very few exceptions, you won’t have to worry about creditors trying to contact you for money while you’re working to resolve your bankruptcy case. They also can’t take steps like placing liens against property or garnishing wages while the automatic stay remains in effect.
The automatic stay isn’t set just for the person filing for bankruptcy. It’s also meant to even the playing field for the creditors who are part of a case. The chance of a creditor receiving everything they’re due in a bankruptcy is small. Without the automatic stay, the creditors could try to circumvent the bankruptcy trustee to collect more than they should actually receive.
With that said, the automatic stay also affords filers time to reach favorable resolutions with creditors that are willing to deal.
There are some limits to the automatic stay. These include the collection of any debt that’s not dischargeable in bankruptcy. For example, you could still get calls about having to pay child support payments because those debts aren’t dischargeable in a bankruptcy proceeding.
Making sure you understand your rights and responsibilities that come with filing bankruptcy will be beneficial for you. Working with a legal professional who understands your situation can help you to make decisions that are in your best interests as you take this important step toward a fresh financial start.
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]]>The post Why do you spend so much on a credit card? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>But why does this happen? You didn’t set out, intending to spend too much money, and many people end up blaming themselves for their own financial situation. But the truth is that the deck is stacked against you, and it’s been done intentionally.
The thing to remember is that credit cards actually play a psychological trick where they convince you to spend more money than you would have otherwise.
This trick is based on the fact that you are taking out a loan, so it’s easy to imagine that this is just something you can deal with later. If you don’t have to pay that credit card off for 30 days, it’s tempting to buy an item and then decide that you have a month to figure out how you’re going to pay off the bill when it comes due.
On the other hand, if you had cash, you simply wouldn’t have this option. You wouldn’t be able to make the purchase and so you wouldn’t end up with that debt. But the availability of the credit card makes it possible.
Additionally, studies have found that people will simply spend 12%-18% more even on purchases that they would’ve made. If you go out to eat, and you have a certain amount of cash in your wallet, you only order food that is going to cost less than the amount that you brought. But if you know that you have a credit card, it’s easy to add on a dessert or another drink or anything else. In short, going shopping at the mall, a restaurant, a bar or even online just tends to cause you to spend more money when you use that credit card.
If you’re now realizing that the credit card has manipulated you into spending too much money, you probably want to know what steps to take next. Bankruptcy is one that you may want to use, so be sure you carefully consider your legal options.
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]]>The post Why is it typically better to file for bankruptcy sooner? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>The problem with delaying is that it will typically make the situation worse. Here is why:
Interest and late payment fees can soon send your debt rocketing, especially with credit card debt. Dealing with matters sooner means you enter bankruptcy owing less, so you can hopefully emerge with a better deal.
If you have not been keeping up with your mortgage, the lender will have a limited amount of patience. If they seek foreclosure, you may need to move fast to file for bankruptcy to put a halt to the process. It might not end it permanently, but it will buy you time to look for options to preserve your property.
Many people end up anxious or depressed due to their debts. Whether you realize it or not, that may be affecting your relationship with others, as well as yourself.
Imagine if someone comes up with an offer for a business partnership. They might withdraw once they realize you still have unresolved financial problems.
Getting legal advice now can help you put aside your uncertainties. Armed with good information, you can decide whether now is the right time for you to file for bankruptcy.
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]]>The post Which bankruptcy process is right for you? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>So, what are your options to quickly rid yourself of your debt? Many people file for one of two types of bankruptcy: Chapter 7 or Chapter 13 bankruptcy. Here’s more you should know:
Also called liquidation bankruptcy, Chapter 7 bankruptcy allows debtors to quickly shave off some or all of their debt. This is a great way to relieve yourself of debt payments and hold off creditors from demanding payments. The only drawback, however, is that debtors may have to liquidate assets – but not everything they own. (Plus, the vast majority of people who qualify for Chapter 7 have little or no assets to lose.)
Many assets are non-exempt from liquidation bankruptcy such as a second home, a newer model car, boat or art collection. Yet, you’ll find many other assets are exempt from liquidation such as everyday clothing, tools for a profession or a standard used car.
Although Chapter 7 bankruptcy is commonly used, debtors also have the choice of going for a Chapter 13 bankruptcy if they have sufficient income to pay some of their debts through a reorganization plan or want to preserve some assets they might lose through Chapter 7.
Chapter 13 bankruptcy won’t immediately wipe away your debt, but may make it easier to pay off the debt you already have – and it is still a viable solution for many.
You shouldn’t jump the gun when planning your bankruptcy. You may need to reach out for legal help to better know your options.
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]]>The post Are you ready for the emotional impact of bankruptcy? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>It helps some people to remember that bankruptcy is a legal way to reclaim your financial health. Many people who file for bankruptcy were put in a financial bind because of factors they can’t control. Astronomical medical bills or unexpected job loss are two of the more common reasons for bankruptcy.
Bankruptcy isn’t a quick way to get rid of debt. It will take some work to get through the process, but it will be worth it in the end. There may be times when it seems like you’ll never get to live a normal life again. Try to remember the sacrifices you’re making now will help you far into the future. You may even feel angry that you’re in this position. Don’t ignore that feeling. Instead, use it to fuel your resolve to stay out of financial trouble in the future.
People who file bankruptcy must take a course that teaches them how to handle their finances responsibly. Take the class seriously so you can learn tips that may help you to rebuild your finances after the bankruptcy is over.
One of the best ways to fight stress and other negative emotions that can creep up during bankruptcy is to be prepared for the case. Learn about your responsibilities and what the court will do. Having someone on your side who’s familiar with the process is beneficial.
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]]>The post The undeniable link between cancer and bankruptcy appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>Typically, those with cancer require months of intensive and debilitating treatments. Often, people with cancer cannot work during their treatment and may need a few months to recover even after achieving remission.
Chemotherapy and radiation treatments, for example, can make people even sicker than they were at the time of their initial diagnosis. Recovering from cancer often involves trying to regain control over your financial circumstances. Unfortunately for cancer survivors, their diagnosis drastically increases their chances of a personal bankruptcy.
The cost of treatment is one of the reasons that so many people with cancer eventually file for bankrupcy. Surgeries, chemotherapy and radiation treatments can cost tens of thousands of dollars. Depending on your insurance coverage you have large co-pays at every session, a deductible that is thousands of dollars and also coinsurance that requires that you pay a flat percentage of your total care costs.
If you need cutting-edge treatments like immunotherapies, stem cell transplants or bone marrow transplants, you could be looking at medical treatments that cost more than $500,000. The costs are one of the reasons why individuals with cancer are2.5 times more likely than other people to file for bankruptcy.
When you combine those extreme expenses with the total loss of income that typically accompanies chemotherapy treatment and other aggressive cancer care, it is easy to see why someone won’t have the money they need to pay out of pocket for those costs.
Dealing with aggressive collection efforts and worrying about the hospital putting a lien on your house could negatively affect your health. Stress can even affect your immune system, in addition to elevating your blood pressure and affecting your sleep.
Those who file for bankruptcy after completing cancer treatments can potentially discharge their medical debt. A discharge of your medical debt will allow you to move on with your life and make the most of your future now that you have beaten cancer.
Recognizing that the connection between cancer and overwhelming debt is not your fault may take some of the guilt out of the decision to file for personal bankruptcy.
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]]>The post Is it possible to buy a car after filing for bankruptcy? appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>For many, being able to purchase a car is important. However, after filing for bankruptcy, will this even be possible?
In some situations, the debts lifted by filing bankruptcy may make it easy to pay cash for a car or keep up with loan payments. Also, many auto lenders will work with individuals who have filed for bankruptcy. Just note that if you go this route, you will have higher interest rates than someone who has not filed.
The impact of filing for bankruptcy will be seen on your credit report for seven to 10 years. The good news is that you won’t have to wait that long to receive a loan and borrow money. Each year, the impact reduces, and some people can get a car loan within six months of finalizing their bankruptcy.
In reality, bankruptcy makes you a better risk for a car loan. Someone whose debts have been wiped clean has more monthly funds available to pay a car note than someone who is mired in credit card debts. You may have to pay a higher interest rate than you’d like, but even that goes down the longer you wait after your bankruptcy before making the purchase.
It can be scary to file for bankruptcy, especially when you start thinking about the things you may need to finance in the future. Rest assured, bankruptcy usually makes it easier — not harder — in the long run to get the things you have to have. Experienced legal guidance can help you best understand all of the debt relief options you have.
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]]>The post Documents needed when filing for bankruptcy appeared first on Jackson Mississippi Bankruptcy Attorney.
]]>While bankruptcy is an effective solution to overcome significant debt, it can also have some consequences if you aren’t careful. One of the best things you can do is be prepared. One part of preparing for this filing is to gather the necessary documents.
Your financial records are an important part of filing for bankruptcy. This information will help you determine the type of bankruptcy you should file. Some of the financial records to gather include:
Any legal history or pending litigation you are involved with is information that is needed when filing bankruptcy. This includes prior judgments that show debts, which can help determine the type of bankruptcy you should file. Current court orders and pending litigation will also help determine how much you can pay your creditors when you file.
Other legal records to have when filing bankruptcy include:
When filing for bankruptcy, you need to show a complete picture of your financial situation. Some of the other documents that can help you do this include:
If you plan to file for bankruptcy or want to know if there are other options for your financial situation, gathering the information above is a smart starting point. Doing so will help you with the bankruptcy process.
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