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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.

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Ridgeland Bankruptcy Law Blog

Bankruptcy basics: Differences between Chapter 7 and Chapter 13

When it comes to filing for personal bankruptcy in Mississippi, there are two common types that many hear about: Chapter 7 and Chapter 13. While each is different, both of these aim to give the filer a fresh financial start by either eliminating their debt or making their debt more manageable. 

At The Rollins Law Firm, our attorneys provide education and assistance when filing for bankruptcy, including Chapter 7 and Chapter 13. In this post, we will discuss these two types of bankruptcies at a rather high level, to merely give our readers a basic idea of the differences between the two. 

You filed for bankruptcy; now mend that wounded credit score

It’s no secret that a bankruptcy filer’s credit score takes a hit.

And it’s no secret that the so-called FICO scores of filers in Mississippi and elsewhere across the country can rebound sharply from downward spikes in the months and years following bankruptcy, provided that they take purposeful steps to rebuild their credit histories.

A recent article detailing some of those steps reminds filers of Chapter 7 and Chapter 13 bankruptcy that they can take a proactive stance in rebuilding credit by focusing on a few core considerations.

Chapter 7 bankruptcy: What exactly are exempt assets?

For Chapter 7 bankruptcy filers in Mississippi and elsewhere, exemptions are decidedly a good thing.

We touched upon so-called “exempt assets” in an article addressing Chapter 7 bankruptcy on our firm’s website, and revisit the subject here to further drive home some points for interested readers of our blog posts.

We do so in part because of the continuing financial difficulties that are reportedly still being experienced by many people across the country, notwithstanding the nation’s claw back from the serious recession of recent years. A further impetus underlying today’s subject matter simply resides in the fundamental importance of exemptions to most Chapter 7 filers.

Will I lose my home if I file for bankruptcy?

While millions of Americans have found debt relief by filing for bankruptcy, there are still a number of different concerns one may have before filing. Among these lists of concerns, a fear of losing a home during the bankruptcy process is one of the biggest worries for many.

Like many things with bankruptcy though, what will happen to a home really all depends on a person's individual circumstances. While some may be able to hold on to their home, others may end up having to give up their home. Still, others will weigh the pros and cons of having a mortgage and decide that it actually makes the most sense to walk away from having to keep up with monthly mortgage payments. 

Can all assets in a bank account be legally garnished?

An interrupted asset flow is undoubtedly a scary proposition for many Mississippi residents and other persons across the country. Most people focus conscientiously on their jobs and securing the income required to pay back responsibly on their personal debt obligations, and a sudden inability to do so can virtually turn their lives upside down.

Garnishment can especially do that, since it can blindside a consumer by making an unexpected and nasty arrival. That money sent out to cover a rent or mortgage payment is not timely arriving in the creditor’s account, because it has been frozen pursuant to a court order. The same result can attach to a credit card payment, student-loan outlay and a host of other money sought to be applied toward debt repayments.

Understanding consumer bankruptcy options: a primer

People challenged by unsustainable -- and forever growing -- debt obligations know well the feelings of hopelessness that being mired in debt can engender.

Perhaps you are one of those people, whether in Mississippi or elsewhere. You might have already cut costs in every conceivable area of your life. You might have sold possessions. You might be working two jobs. Perhaps you have already tried -- unavailingly -- to work purposefully with your creditors. Maybe some of those people are beginning to harass you at home and at the workplace.

Under that scenario, a bankruptcy filing can logically emerge as a distinct possibility. In fact, there comes a time when it makes eminent sense for some debtors to willingly engage the process by consulting with an experienced debt relief attorney.

What you should know about rebuilding credit after bankruptcy

There are many misconceptions about bankruptcy that can make people in Mississippi feel embarrassed or ashamed if they are in the position of possibly pursuing this option. Some people assume that filing for bankruptcy is the result of irresponsible spending or that it will permanently destroy someone's credit and may therefore try to cover up their financial troubles or ignore them.

But these flawed assumptions can prove to be detrimental. To begin with, there are millions of people who file bankruptcy not because of irresponsible spending, but because of extraordinary expenses like student loans and medical bills. Secondly, while bankruptcy will have a significant impact on a person's credit score, there are ways to repair and rebuild your credit toward a better financial future. In this post, we will look at some of the ways that people can do this.

How to stop creditor harassment

For many people with heavy debt, a major stress in life is creditor harassment. Through phone calls, letters and even interrupting people at work, creditors are often aggressive, sometimes to the point of illegality.

In Mississippi, state laws are somewhat lax in terms of protecting consumers from creditor harassment, but the federal Fair Debt Collection Practices Act (FDCPA), which we've discussed often in previous posts, places important restrictions on creditor actions.

How can you tell if you might need to file for bankruptcy?

Filing for bankruptcy is a profoundly personal choice, and one that often comes after significant reflection and analysis of your finances. If you are considering bankruptcy but are unsure if it’s the right move for you, speaking with an experienced attorney can be a big help.

But what if you’re not ready to take your case to an attorney? Maybe you’re not sure if your financial situation really warrants filing for personal bankruptcy. In today’s post, we’ll discuss some factors that could indicate that you are headed toward bankruptcy. These were first shared on the website DailyFinance.com.

New report on unsecured debt woes: Help is available

It’s really a tale of two countries.

On the one hand, a new report on debt in the United States reveals improved financial circumstances for millions of Americans as the country continues to dig out from its years’-long recession.

On the other hand, newly released data indicate that millions of Americans are also not sharing in that renewed prosperity.

Indeed, new information jointly released by NPR and the nonprofit group ProPublica shows that about one of every 10 working Americans aged 35-44 is presently having his or her wages garnished for nonpayment of a student loan, medical bill or credit card debt.

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