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—
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—
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—
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.