For some debtors in Mississippi, waiting to file for bankruptcy could lead to many more financial issues. The Notre Dame Law Review released a report that found that the longer people waited, the more likely their assets would be depleted.
Getting a handle on debt
It is not uncommon for individuals in Mississippi and other states to have debt. In 2018, Americans held more than $1 trillion in combined credit card debt balances. Individuals may also have personal loan, payday loan or medical debt to contend with in addition to mortgages or student loan balances to pay down. To help a person better handle his or her finances, it can be a good idea to list all the debts he or she has.
Steps to purchasing a car during Chapter 13 bankruptcy
It is possible for Mississippi residents to get financing for a car while in Chapter 13 bankruptcy. However, the process may take longer and be more difficult than for people who are not in bankruptcy. The first step is to find a lender and dealer. If finding a lender is not possible, the next step is to look for a subprime dealership. They specifically work with lenders whose specialty is people with bad credit.
Understanding Chapter 7 and Chapter 13 bankruptcy
For people in Mississippi struggling with unrepayable debt, bankruptcy can be a way out from financial disaster. However, the types of debt that can be wiped away in bankruptcy vary depending on the type of bankruptcy a person pursues. In addition, some types of debts are almost always dischargeable while some types of debt are notoriously difficult to discharge.
The top 5 things you should do after bankruptcy
Your Mississippi bankruptcy is over and the court gave you your discharge papers. Congratulations! Now that you have your financial feet on the ground, it is time for you to begin your post-bankruptcy life. You likely learned so much during the past months that you can start afresh to establish and build your credit and responsibly manage it.
How to tell when you should file bankruptcy
If you are a Mississippi resident whose monthly bills exceed your monthly income, you likely are in a quandary over what to do. You may be considering bankruptcy as a last resort, but are confused about which type is best for you. In addition, you may fear that you will lose everything if you file bankruptcy. Set your mind at rest. You do not lose everything in a bankruptcy. In fact, many of your assets are exempt in a Chapter 7 bankruptcy.
