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February 2018 Archives

Most bankruptcy filings come from individuals

Federal bankruptcy laws provide people in Mississippi with a possible path to a fresh start when they experience financial hardships. Data from 2015 collected by Debt.org revealed that 97 percent of the 844,495 bankruptcy filings from that year arose from individuals seeking protection from creditors.

New report provides update on bankruptcy filings in Mississippi

The United States Courts recently released an update on the rate of bankruptcy filings in the United States. The report focuses on a 12-month period, spanning from January 1 of 2017 to December 31 of 2017. Bankruptcy filings for the calendar year were down by 0.7 percent.

Bankruptcy opinions may change the law

Mississippi homeowners who are struggling to pay their mortgages might be interested in learning about a couple of bankruptcy court rulings in Ohio. When people file for Chapter 13 bankruptcy, they may be able to cram down second mortgages on their homes. The rulings also found that first mortgages may sometimes be crammed down as well.

Abusive debt collector practices are unlawful

You may think that it is unavoidable to deal with debt collectors after you are deeply in debt. While it may be helpful to speak with collectors to see if you can work out a reasonable payment arrangement, some collection practices are considered abusive and are against the law. You and others might be interested in learning the differences between permissible and unlawful methods to collect a debt.

Understanding the bankruptcy means test

If you are giving some thought to filing for bankruptcy, you may be wondering about the bankruptcy means test, and what it means and entails. Essentially, the bankruptcy means test determines whether you will be able to move forward with a Chapter 7 bankruptcy, if preferable, or if your only option is to file for Chapter 13 bankruptcy.

The 3 most common reasons people go through bankruptcy.

Bankruptcy no longer has the social stigma it once did. However, those who are considering bankruptcy may take comfort in knowing what has caused others to seek financial relief through this legal process. Although reasons for financial struggles vary from family to family, three of the most common causes of bankruptcy that are often cited by those petitioning for relief from the court include:

What is an "automatic stay" in bankruptcy?

Bankruptcy is a legal process that can help those who are struggling financially find a fresh financial start. Those who have considered this process have likely stumbled on a number of legal terms, including "automatic stay." This term refers to a court order that is granted after an applicant is approved for bankruptcy.

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