Bankruptcy Attorney in Jackson, Mississippi
People who have found themselves struggling with debt in Mississippi may have options. They may be able to turn to bankruptcy as the last resort to repay creditors and achieve financial freedom. Bankruptcy is a legal proceeding that allows debtors to eliminate their debts and have a fresh start. Before you declare bankruptcy, you must know how to choose the most appropriate bankruptcy type that will solve your debt problems.
Among the different types of bankruptcy, Chapter 7 bankruptcy is considered the most conventional chapter in the United States. It can wipe out many types of unsecured debts. However, not everyone is eligible for Chapter 7 bankruptcy. You must meet certain requirements before filing for this bankruptcy type. A reliable Jackson bankruptcy attorney can help you determine whether you are qualified to file for Chapter 7 bankruptcy.
At Rollins Law Firm, we have decades of extensive experience guiding clients through the complicated bankruptcy process without significant property or asset losses. Our bankruptcy law firm offers a complimentary consultation and evaluation of your income, assets, and debt. If you are facing insurmountable debt, call us now at 601-202-3942 and schedule a free initial consultation.
What is Chapter 7 Bankruptcy?
If you have fallen behind on your bills and you can no longer afford monthly payments and living expenses, you may seek debt relief by filing Chapter 7 bankruptcy. However, you may have to give up some of your valuable assets and it will hurt your credit score. A credible bankruptcy lawyer in Mississippi can help you understand how Chapter 7 bankruptcy works and how it can help you get your finances back on track.
Chapter 7 bankruptcy, often referred to as a “straight bankruptcy” or “liquidation bankruptcy,” allows debtors to discharge their unsecured debts. It includes credit card debts, medical bills, and mortgage debts. In this bankruptcy chapter, you can pay off your debts through the liquidation of assets. The bankruptcy court will appoint a trustee for your bankruptcy case. The trustee is responsible for consolidating your assets, selling your non-exempt properties, and allocating the collected funds to your creditors.
How Do I Qualify for Bankruptcy?
Take Credit Counseling Sessions
Credit counseling is an essential part of the Chapter 7 bankruptcy process. You are required to attend credit counseling sessions with an accredited credit counseling agency within 180 days before filing your bankruptcy petition. The counseling will let you explore all the possible options that can help you overcome bankruptcy.
Pass the Means Test
The means test will gauge your financial ability to repay a significant amount that you owe. This test will determine if your disposable income is high enough to make partial payments to unsecured creditors. If your disposable income is lower than the state’s median income, then you are qualified to file for Chapter 7 bankruptcy.
Previous Chapter 7 and Chapter 13 Bankruptcy Filings
If you filed a previous Chapter 7 petition and obtained a discharge, you must wait eight years from the filing date of the prior bankruptcy before filing another one. In addition, you can’t have filed a Chapter 13 bankruptcy during the past six years. Furthermore, if you tried to file a Chapter 7 or 13 bankruptcy and the case was dismissed, you have to wait at least 181 days before trying again.
With our Jackson attorneys, you are never alone.
Our Jackson Chapter 7 bankruptcy lawyer from the Rollins Law Firm is committed to providing you with quality bankruptcy service. From the moment you walk into our Jackson MS office, you can rest assured that your needs will be met. We are by your side throughout the bankruptcy process, from filing paperwork to negotiating with creditors.
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.
I had a wonderful experience
I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there.
The Rollins Law Firm has made filing for bankruptcy very easy and understandable for me and my husband
The Rollins Law Firm has made filing for bankruptcy very easy and understandable for me and my husband. We are young and clueless about a lot, so having them walk us through literally everything has been great! The staff is wonderful and very responsive. We have never waited long for a call, text, or email back. We want to thank Breanne, Alex, Grayson, and Mr Rollins himself for such a positive experience. Of course, bankruptcy isn’t a good thing but when it’s your only option, this is the firm you want to use! It’s been affordable and quick. We are super pleased with the experience from the time we first called their office til today after filing with them!
They made the process so easy to complete
The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete.
Rollins law firm made it easy and less stressful!!!
Some of the nicest people I’ve met. Very patient, kind, and helpful. They helped me through a very difficult situation. Filing bankruptcy is very challenging and the people at Rollins law firm made it easy and less stressful!!! I thank you guys so much for all of your help through this difficult situation!! I will recommend this firm to anyone considering bankruptcy!!
Definitely give this place your business, you wont regret it!
I used this firm in April and was blown away by how simple they helped to make the process for me. Every question I had, no matter how repetitive it was, they answered. I worked with Jessica a lot and she was amazing. Very patient and knowledgeable! If i could give them more stars I would. Definitely give this place your business, you wont regret it!
Rollins Law Firm has gave me hope during a dark time
I was searching the web for information in on filing bankruptcy and discovered Rollins Law Firm. My situation was so uncertain and overwhelming but after consulting with Grayson, Jennifer, and Alex at Rollins Law Firm has gave me hope during a dark time. I am grateful for the help that I received and recommend Rollins Law Firm to anyone that is having difficulty with debt and don’t know where to start. There is a rainbow at the end of every tunnel. 🌈🌈❤️❤️
Fast response and professional advice
Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone
The Rollins firm went above and beyond helping me
The Rollins firm went above and beyond helping me with my situation during the on going covid 19 crisis.
They are the most respectful people
They are the most respectful people. They are about their business. I couldn’t have chosen a better Law Firm! I would refer them to anyone! Job well done
I’m feeling a lot better about my financial future and thankful for all their help.
I went into Mr. Rollins’ law firm not knowing what to expect. After my first meeting with his team, I knew I made the right decision to contact his office. Everyone was knowledgeable and very willing to answer any questions and prompt with their responses. I’m feeling a lot better about my financial future and thankful for all their help.
Helped me through a very stressful time.
Helped me through a very stressful time. Mr. Rollins and his staff have been very nice and professional. They are always very quick to respond to any questions I may have. I would recommend Rollins Law Firm to anyone.
They answered all my questions and didn’t make me feel stupid for asking them
This firm is amazing Mr. Rollins, Alex, Grayson, Jessica, and the whole crew. They answered all my questions and didn’t make me feel stupid for asking them. I met with a couple of attorneys about my situation and none of them came close to being as thorough as Mr. Rollins, save yourself the time and effort, no need to call a thousand attorneys, choose the Rollins law firm and get your financial life back.
Relieve your financial worries and get you back on the right track!
My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles.
Rollins Law Firm was there every step and explained it all in a way that was easy to understand
This process is a hard decision to make. Rollins Law Firm was there every step and explained it all in a way that was easy to understand. They answered my questions, sent me emails and text messages with information and appointment reminders. There were some videos and a booklet that was very very informational and helpful to me.
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