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Finding debt relief with Chapter 13 bankruptcy

Many people in Mississippi feel like they are drowning under the weight of credit card bills, medical expenses and other forms of debt. When the pressure of debt becomes too great to bear, people can look for options to find relief and forge a path to a new financial future. Personal bankruptcy, including Chapter 13 bankruptcy, is one such option that can allow a person to keep their property and pay back their creditors over a set period with a court-approved repayment plan.

In general, if the monthly income of the person filing for bankruptcy exceeds the state's median income, he or she must pay back the debt over a five-year period. On the other hand, if his or her income is equal to or less than the state's median income, the debt can be addressed with a three-year repayment plan. At the end of the repayment period, debtors can find significant relief or eradication of the bills that have overwhelmed their lives.

In order to file for Chapter 13 bankruptcy, people in debt must follow the proper legal procedure, including providing proof of income, a list of creditors, an inventory of property and monthly living expenses. Filers must produce their most recent tax returns in addition to proof of tax filings as well as submitting a repayment plan. Debtors must adhere to the plan and continue to make child support payments, repayments to creditors and tax filings. The repayment plan must include full payments for certain types of debts and lesser payments for other types of unsecured debts.

Chapter 13 bankruptcy may be an important road out of debt for many people, especially those with too much income to qualify for Chapter 7 bankruptcy. Throughout the process, a bankruptcy lawyer may represent a debtor to advocate for a fair repayment plan that puts the client on a path to success.

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O'Brien Law Firm, LLC
1630 Goodman Road East, Suite 5
Southaven, MS 38671

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