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What to consider before filing for bankruptcy

If a Mississippi resident is having trouble paying down his or her debt, it may make sense to think about filing for bankruptcy. By taking this step, an individual can obtain a stay of creditor contact and certain actions such as wage garnishment. However, the bankruptcy will be noted on a credit report and stay there for up to 10 years for those who file Chapter 7 bankruptcy.

How to make a financial recovery from bankruptcy

People in Mississippi who are considering bankruptcy might wonder if they will be able to recover financially. One study by Lending Tree found that three years after a bankruptcy, people applying for a mortgage without a bankruptcy on average only paid about 19 bps less than those with a bankruptcy. Two years after a bankruptcy, around 65 percent of people had brought their credit score up to 640 or more.

Debtors challenged by upfront costs of filing for bankruptcy

Bankruptcy has the potential to give people in Mississippi a fresh start if they are struggling with financial challenges. The need to pay for court fees and legal advice, however, can keep people from pursuing this legal remedy that might wipe out their burdensome debts. The challenge of paying for the process sometimes prompts people to choose Chapter 13 bankruptcy when filing under Chapter 7 could have produced greater benefits.

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.

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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