Where We Are

3012 Canty Street
Pascagoula, MS 39567
P: 228-762-6555
178 Main Street
Biloxi, MS 39530
P: 228-436-6555
709 Hardy Street
Hattiesburg, MS 39401
P: 601-582-4300

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Gardner Law Firm

Mississippi Bankruptcy State and Federal Law

Solid legal advice in troubled financial times

Filing for bankruptcy is a tough decision. If you are having serious financial difficulties, think about whether any of these situations apply to you:

  • You can only afford the minimum payment on your monthly bills
  • You have received collection notices or threats of foreclosure
  • Your vehicle or mobile home has been repossessed
  • You cannot make a budget that would bring you out of debt within three years

If you are experiencing any of the above problems, you should contact Gardner Law Firm to speak with an attorney filing a bankruptcy claim.

Chapter 7 bankruptcy

Also called straight bankruptcy or liquidation, in a Chapter 7 case the bankruptcy court sells your non-exempt property to pay your creditors.

Mississippi means test

To be eligible for Chapter 7, you have to pass the means test to prove that your debts are truly beyond your means. In Mississippi, you must show that your annual earnings are less than—

  • Single wage earner—$32,348
  • Family of two—$41, 934
  • Family of three—$46,470
  • Family of four—$55,759

For each additional family member, you can add $6900 and still pass the means test.

Exempt property in Mississippi

You are allowed to keep exempt property even after filing a Chapter 7 bankruptcy. Federal exempt property includes—

  • Retirement benefits
  • Survivor's benefits
  • Death and disability benefits
  • Certain benefits for—
    • Military personnel
    • Railroad workers
    • Seamen

In a Mississippi Chapter 7 filing, you can usually keep your home or most of the proceeds from the liquidation of your home. Other Mississippi exempt property includes—

  • Personal property up to $10,000
  • 75% of wages
  • Unemployment compensation
  • Workers compensation
  • Certain other insurance proceeds
  • Various forms of government aid

If you initially keep your home, you must understand that Chapter 7 bankruptcy does not forgive your mortgage or mobile home payments. Although a Chapter 7 forestalls a foreclosure or repossession, you still must make your payments. Gardner Law Firm lawyers help you determine whether a Chapter 7 bankruptcy is realistic for your situation.

Chapter 13 bankruptcy

After consulting with Gardner Law Firm, you may find that a Chapter 13 bankruptcy is best for you. Chapter 13 is also known as a wage-earner's bankruptcy. If you have a viable means of earning money but you need a debt restructuring plan to get caught up, then a Chapter 13 may be right for you.

Requirements for filing Chapter 13

For a Chapter 13 bankruptcy, you must have:

  • A stable income
  • Disposable income
    • Income remaining after you pay for food & shelter
  • No more than $1,010,650 in secured debt
    • Involves property that a creditor could take if payment are not met
  • No more than $336,900 in unsecured debt

A Gardner Law Firm attorney helps you prepare a proposed payment plan, which must accompany the filing of the Chapter 13 petition. The Bankruptcy Court's trustee and your creditors will review the plan.  If it is approved, then you will be able to keep all of your assets during the three- to five-year period of repayment.

Work with an experienced bankruptcy lawyer

If you have a serious financial situation and you are considering bankruptcy, contact Gardner Law Firm for help.