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Chapter 13 Archives

Chapter 13 bankruptcy is an option for wage earners

Mississippi residents who are having trouble paying off debts might look to the bankruptcy system for relief. For most individual filers, there are two options, Chapter 7 and Chapter 13. There is a limit on how much debt a filer can have if they want to file bankruptcy under Chapter 13. Specifically, the filer cannot have more than $1,184,200 in secured debts or more than $394,725 in unsecured debts.

Bankruptcy offers protection from foreclosure

People in Mississippi who have fallen behind on their mortgage payments face the possibility of foreclosure. While some lenders are open to loan modifications or short sales to satisfy the debt, many are not. Many lenders will begin foreclosure proceedings, which can end with the lender taking possession of the house and selling it at auction. The proceeds of the auction are then used to pay down the mortgage as well as the legal costs associated with foreclosure.

Baby boomer bankruptcy is on the rise

Overall, the nation's economy is in relatively good shape. This means that unemployment rates are down throughout much of Mississippi and the rest of the United States. However, there is a somewhat new phenomenon that is showing a darker financial picture for some Americans -- there is a notable increase in bankruptcy filings for older individuals, particularly for baby boomers.

Gender income disparity also evident in debt disparity

Debt can be a significant source of stress for both men and women in Mississippi. However, data collected by Comet Financial show that women carry higher debt loads than men on average. The average student loan balance for women was $30,716 while men owed amounts that averaged $24,323. Car loans produced another disparity, with women owing an average of $12,183 compared to $10,371 for men.

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.

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.

Inadequate estate planning can be corrected

A surprising number of American don't have financial or health plans in place to deal with end-of-life matters. Without the right documents or financial provisions, seniors can be subject to unfortunate, yet avoidable, conditions. One in five Americans over the age of 65 is subject to financial abuse for this reason, but few people think they are vulnerable. The good news is that estate planning mistakes can be fixed.

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