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Posts tagged "Chapter 7"

The ins and outs of filing for bankruptcy protection again

Anyone in Mississippi or any other state must wait for eight years before filing for Chapter 7 bankruptcy again. This means it's not possible to file for this same type of bankruptcy, which is popular because it wipes out most debt within months of the initial filing and approval, until the eight year period is up. Technically, there aren't limits on how many bankruptcy cases someone can file, but there are limitations on when this type of protection can be sought after a previous bankruptcy was successfully filed and completed.

Student loans could become easier to discharge

At the end of March 2018, there was a total of $1.4 trillion in student loan debt, according to the New York Fed. Across America, there are 44 million people - many of whom live in Mississippi - who have student loan debt, and it is highly unlikely that it can be discharged according to current bankruptcy laws. However, there is support for new rules that may make it easier to get rid of this type of an obligation in a bankruptcy proceeding.

Understanding the ramifications of Chapter 7 bankruptcy

Filing for bankruptcy is not a decision that those in Mississippi or anywhere else in the country can take lightly. While many debts could be eliminated in a Chapter 7 filing, it could also result in a person's credit score dropping by about 200 points. This may make it harder to borrow money, and lenders who are willing to work with a person after bankruptcy will likely charge high interest rates.

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