Multiple Locations To Serve You Better
The Rollins Law Firm
schedule your free initial consultation today


In life, circumstances arise that we cannot avoid - struggling with a mounting debt, stopping a foreclosure or garnishment, problems with your marriage or battle over child custody, support or visitation. These situations can have a profound effect on our lives. During these difficult times, you need someone by your side who can care effectively for your legal needs as well as providing you with personal service to best provide support for you during these incredibly personal and private crises.

Meet Our Attorneys

Ridgeland Bankruptcy Law Blog

Credit score is increased after bankruptcy by proven methods

Some people who have fought a battle to get a fresh start from unsecured debt do not want to consider taking on more credit. However, others find it necessary after a bankruptcy, for example, to rebuild their credit for the purpose of buying a house, applying for a job or getting financing for some other important life objective. There are proven ways, recognized in Mississippi and nationwide, for turning a bad credit record into a very good one.

The main quality to restore to the reporting agencies is anything that shows that one is paying his or her current debts on time. Whether it be a new secured credit card or a car loan that was maintained up to date during and after a bankruptcy, all debts must be paid on time. The lenders are generally conscientious about reporting these payments to the credit reporting bureaus.

Chapter 13 bankruptcy provides co-debtor stay in many cases

Residents of Mississippi who file bankruptcy will be subject to a body of federal law called the Bankruptcy Code. If a person files a consumer bankruptcy to discharge mainly consumer and household debts, an automatic stay is issued by the Bankruptcy Court that immediately stops all collection activity against the debtor. In that situation, what happens to a loan account where the debtor has a co-signer or guarantor, such as a parent with good credit, who signed to assure payment of the loan?

Normally, the creditor is entitled to go after the co-signer even if there is an automatic stay forbidding collection against the primary debtor. The automatic stay does protect the co-signer in a Chapter 7 liquidation bankruptcy. However, if the debtor files under Chapter 13, which is essentially a payment plan, there is a "co-debtor stay" that protects the co-signer from collection activities.   

Personal bankruptcy is the most effective way to cut big debt

The idea of simply cutting down on expenses and tightening the budget to get debt relief seems like a tidy solution to one's problem of inflated debt. However, if the newly revised monthly budget, even at its bare-bones level, cannot do anything to reduce total debt load, then the problem is bigger than contemplated. Some experts in Mississippi and elsewhere suggest that if you cannot make a significant dent in your unsecured debt by making payments over the next five years, then a more serious option such as bankruptcy is appropriate.

There are only a few ways of looking at the possibility of debt relief. There is debt management, which is discredited above except for minor debt. There are debt consolidation and debt settlement, both of which involve maneuvering finances around to pay off some debt and then trying to live with what debt remains. The fallacy there is that the debt that remains always seems to be way beyond one's means to pay it off.

Debt going up among older individuals

Recent statistics indicate that it is becoming increasingly common for older individuals to have a fair amount of debt.

The statistics are from the Federal Reserve Bank of New York and they compare 2003 and 2015 consumer debt levels (factoring in adjustments for inflation). The statistics show that, for this over-a-decade period, older individuals saw a very different debt trend than younger individuals. For borrowers below the age of 43, the general trend was that debt levels in 2015 were either lower or around equal to the debt levels for 2003. For borrowers 43 years of age and older, however, the general trend was 2015 debt levels being significantly higher than 2003 debt levels.

Financial pain not the only pain debt trouble can lead to

There are many different contexts in which delaying getting the right help can be problematic. One such context is when one is struggling with credit card bills, medical bills, auto loans, student loans or other debt. Thus, going to a professional, such as an experienced bankruptcy attorney, for debt relief advice is something one should not put off when facing debt difficulties.

Why is it so risky to leave debt troubles unaddressed? For one, the longer such an issue is left without being properly addressed, the more painful it could end up being for the debtor.

Age can matter when deciding what debt relief option to pursue

There is no one debt relief method that is the best for addressing debt struggles. Rather, which of the many debt relief strategies is the most appropriate for a given debt matter depends on all different sorts of circumstances. 

Our firm understands the great challenges debt problems can pose for individuals and how important getting the right kind of relief can be when facing such struggles. We can perform careful assessments of overall circumstances for individual who are facing debt difficulties and work closely with such individuals to help get them to the best debt relief strategy for their situation.

Is federal tax debt dischargeable in Chapter 7 bankruptcy?

One of the types of debt individuals sometimes have significant struggles with is federal tax debt. Tax debt can be a very significant debt burden with significant consequences attached to it. Thus, individuals struggling with tax debt may wonder if tax debt can be eliminated through bankruptcy.

In a Chapter 7 bankruptcy, debt elimination can occur through a mechanism called a discharge. Now, there are a plethora of rules regarding what kinds of debt can and cannot be discharged in a Chapter 7 bankruptcy. Federal tax debt holds a complicated position when it comes to dischargeablility. Sometimes, such debt is banned from discharge, while other times it is not. Whether or not a federal tax debt can be discharged in a Chapter 7 bankruptcy depends on the characteristics of the given tax debt.

Serious auto loan delinquency up in the U.S.

As with any type of financial struggle, auto loan debt struggles can vary in degree. Some difficulties are relatively minor and just cause small hiccups when it comes to ability to keep up with payments. Others are major struggles that result in a person falling significantly behind on their payments. Struggle severity is among the things that can impact what the best debt relief strategy would be for a person who is experiencing difficulties with their auto loans. Skilled bankruptcy lawyers can look into the various details of a person's debt situation, including the severity of their debt struggles, and provide them with an assessment of what debt relief methods might be a good fit for them.

Recent statistics indicate that an increasing number of Americans are falling significantly behind on their auto loans. 

Could credit card debt harm your dating life?

Debt and romance may not, at first glance, seem terribly connected. However, a recent survey by NerdWallet indicates that what a person's debt situation is may very well have impacts on how they do in the dating arena.

In the survey, individuals here in the U.S. were asked whether a potential partner having credit card debt would be a turnoff for them. Forty-nine percent said that it would. Reporting credit card debt as a turnoff was more common among women than men and more common among seniors than millennials. 

Does Mississippi have a student debt forgiveness program?

Having a high amount of student debt can pose a wide range of challenges to college graduates as they are trying to adjust to post-college life. Thus, when a college graduate is under a mountain of debt, they may wonder if there is any way to get their student debt load reduced or eliminated through debt forgiveness.

A vast majority of states have student debt forgiveness programs. However, generally, these programs are limited to graduates in certain professions. Also, these programs often have a wide range of other strict eligibility requirements and limits on how much relief a person can receive through them.


Multiple Locations To Serve You Better

Ridgeland Office
774 Avery Boulevard North, Suite B
Ridgeland, MS 39157

Toll Free: 800-395-5645
Phone: 601-500-7122
Fax: 601-500-5296
Ridgeland Law Office Map

Hattiesburg Office
307 W Pine St
Hattiesburg, MS 39401

Toll Free: 800-395-5645
Phone: 601-500-7122
Fax: 601-500-5296
Map & Directions

Vicksburg Office
913 Crawford St
Vicksburg, MS 39180

Toll Free: 800-395-5645
Phone: 601-500-7122
Fax: 601-500-5296
Map & Directions

Meridian Office
2121 5th Street, Suite 304G
Meridian, MS 39301

Toll Free: 800-395-5645
Phone: 228-241-1066
Fax: 601-500-5296
Meridian Law Office Map

Gulfport Office
1323 28th Avenue
Gulfport, MS 39501

Toll Free: 800-395-5645
Phone: 228-241-1066
Fax: 601-500-5296
Map & Directions

Jackson Office
736 South President Street, Suite 201
Jackson, MS 39201

Toll Free: 800-395-5645
Phone: 228-241-1066
Fax: 601-500-5296
Map & Directions