What are the Bankruptcy Exemption Laws in Mississippi?
Bankruptcy does not automatically imply that you will lose all the assets that you have acquired. In Mississippi, there are bankruptcy exemption rules that can help you protect your valuable assets and possessions from liquidation. A top-ranking bankruptcy attorney in Jackson MS can help you determine which state’s exemption laws will apply to your case.
In Mississippi, if the homestead is less than 160 acres, you are allowed to protect up to $75,000 of home equity. If you are aged 60 and widowed or married, you may apply this exemption to proceeds from the sale of a former residence. If you live in a mobile home, the exemption is usually $30,000. In addition, married couples filing a joint bankruptcy can double the homestead exemption if they live in separate residences.
Personal Property Exemption
Mississippi bankruptcy laws allow debtors to protect up to $10,000 of personal property through a wildcard exemption. This includes motor vehicles, household goods, electronics, and other personal property. While Mississippi does not specifically provide an exemption for vehicles, the $10,000 wildcard exemption can be used to protect your car from bankruptcy.
Pension and Retirement Accounts Exemption
There are bankruptcy exemption rules that can protect your pension and retirement accounts. These accounts represent future financial security and a reward for many years of saving. All the funds added to these accounts more than one year before filing are exempt.
What are the Benefits of Filing Chapter 7 Bankruptcy?
Chapter 7 bankruptcy has many advantages. The goal of this chapter is to give you a fresh financial start. Consulting a competent Jackson bankruptcy attorney can help you determine the benefits of filing Chapter 7 bankruptcy.
When you file for bankruptcy, the judge will immediately implement an automatic stay. The automatic stay temporarily prevents creditors from trying to collect debts from a debtor who has filed for bankruptcy until court proceedings are completed.
It stops eviction, collection lawsuits, repossession, wage garnishment, foreclosure, and creditor harassment. The stay typically remains in effect until the judge closes the bankruptcy case.
In Chapter 7 bankruptcy, you can quickly pay off creditors or discharge most of your unsecured debts. Generally, the entire Chapter 7 process from the initial credit counseling to the point when the court discharges your remaining debts takes about four to six months.
Once you receive a bankruptcy discharge, you will no longer be obliged to repay qualifying debts. You can get rid of unsecured debts like credit card balances, personal loans, revolving charge accounts, and medical bills. However, keep in mind that some unsecured obligations, like past-due alimony and child support, are not dischargeable at all.
Hire an Experienced Jackson Bankruptcy Attorney Now!
Filing Chapter 7 bankruptcy can help you eliminate the heavy burden of debt, but it’s a big decision that will affect your financial situation for years to come. It involves many considerations and requirements that you might not be aware of. You must have enough knowledge and understanding of the bankruptcy rules, filing process, and exemption laws.
To ease the burden of bankruptcy filing, it is highly advisable to seek legal help from our competent Jackson bankruptcy attorneys at Rollins Law Firm. Our bankruptcy law firm will help you wipe out your debts through a successful Chapter 7 bankruptcy filing.
We will help you evaluate your debts, identify the assets you are willing to give up, and assess your financial ability to repay what you owe. Our legal team will guide you through the whole process and ensure that Chapter 7 bankruptcy will solve your financial problems. We will help you understand your options and provide the legal guidance you need every step of the way.
Call us now at 601-202-3942 and schedule a free initial consultation.