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What is nonexempt property in bankruptcy in Ridgeland, Mississippi? This may not be the first time you’ve sought an answer to that question. This simply means that bankruptcy, no matter how beneficial it is to debtors, involves many technical terminologies. Essentially, nonexempt property in bankruptcy is crucial for understanding which properties you can legally exempt and which you cannot. In this article, with the assistance of an experienced bankruptcy attorney, you will learn more about what nonexempt property is in Ridgeland, Mississippi.

Mississippi, like any other state, has its own set of exemptions you can utilize to protect some of your property when filing for bankruptcy, such as a car, a home, and a retirement account. The Rollins Law Firm will assist you in making the right decisions to ensure that not only the properties you wish to protect are safeguarded but also your rights. 

Our MS bankruptcy lawyers acknowledge that many individuals struggle to understand the concept of bankruptcy. By setting up a free initial consultation today, you can have all your bankruptcy-related questions answered!

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Why is Understanding Nonexempt Property in Bankruptcy Important?

Nonexempt property bankruptcy is important to know about because it can have a significant impact on your financial future. If you file for bankruptcy and have nonexempt property, it could be sold by the bankruptcy trustee to pay off your creditors. This could mean losing your home, car, or other valuable assets.

Even if you don’t have any nonexempt property, it’s still important to understand what it is and how it works so you can make more informed decisions about your bankruptcy and protect your assets as much as possible.

How is Nonexempt Property Treated in Chapter 7 Bankruptcy in Mississippi?

In Chapter 7 bankruptcy in Mississippi, the bankruptcy trustee sells nonexempt property and distributes the proceeds to creditors. The trustee will typically start by selling your most valuable assets, such as your home and car. If you have any other nonexempt property, such as jewelry, electronics, or furniture, the trustee may also sell those items.

The trustee will not sell all of your nonexempt property, however, certain exemptions allow you to keep some of your property, even if it is not exempt. For example, you are typically allowed to keep your homestead (up to 160 acres), personal belongings (such as clothing and furniture), and certain tools and equipment necessary for your job.

If you have nonexempt property that you want to keep, you may be able to redeem it by paying the trustee its fair market value. You may also be able to exempt some of your nonexempt property by using a wild card exemption. Wild card exemptions allow you to exempt up to $12,500 in equity from any property, including nonexempt property.

How is Nonexempt Property Treated in Chapter 13 Bankruptcy in Mississippi?

In Chapter 13 bankruptcy in Mississippi, nonexempt property is not automatically sold to pay off creditors. Instead, the debtor must include all of their property, both exempt and nonexempt, in their Chapter 13 plan. The debtor must then propose to pay back their creditors a certain amount of money over a period of 3 to 5 years. The amount of money that the debtor must pay back will depend on their income and expenses, as well as the value of their assets.

If the debtor has nonexempt property, they may be able to keep it by paying the value of the nonexempt property to their creditors throughout their Chapter 13 plan. This is known as redemption. The debtor may also be able to exempt some of their nonexempt property by using a wild card exemption. Wild card exemptions allow the debtor to exempt up to $12,500 in equity from any property, including nonexempt property.

If the debtor cannot afford to redeem their nonexempt property or exempt it using a wild card exemption, the bankruptcy trustee may sell the nonexempt property to pay off creditors. However, the trustee will not sell all of the debtor’s nonexempt property. 

When Can I Use Bankruptcy Exemptions in Ridgeland, Mississippi?

To use Mississippi bankruptcy exemptions, you must have lived in the state for at least 730 days before filing for bankruptcy. If you have lived in Mississippi for less than 730 days, you will need to use the exemptions of the state where you lived for the majority of the 180 days before the two-year period that immediately preceded your filing.

What Are the Mississippi Bankruptcy Exemptions?

Mississippi bankruptcy exemptions include:

  • Homestead exemption: Up to $75,000 of equity in your primary residence.
  • Personal property exemption: Up to $10,000 of personal property, including clothing, furniture, and vehicles.
  • Wildcard exemption: Up to $50,000 of any property, including equity in your home or other assets.
  • Vehicle exemption: Up to $20,000 of equity in one vehicle.
  • Retirement account exemption: Most retirement accounts are exempt from bankruptcy, including 401(k)s, IRAs, and Keogh plans. 

How to Claim Mississippi Bankruptcy Exemptions?

When you file for bankruptcy, you will need to file a schedule of your assets and liabilities. This schedule will list all of your property and debt. You will also need to file a statement of exemptions, which will list the property that you want to exempt from bankruptcy.

If you are unsure about which exemptions you can claim, it is important to speak with a bankruptcy attorney. An attorney can help you understand the exemption laws and ensure that you are protecting your assets to the fullest extent possible.

File Bankruptcy in Ridgeland, Mississippi Today!

When filing for bankruptcy, understanding the complexities is imperative to make sound decisions. However, this is not easy for the average individual. Bankruptcy is one of the most confusing areas of the law. To avoid mistakes and achieve your financial goals, it is important to speak with an experienced bankruptcy attorney!

At Rollins Law Firm, we aim to understand your situation with genuine empathy. We will exert our utmost efforts to help you achieve a fresh start. Don’t feel hopeless about your current financial situation. Everything is possible with our compassionate bankruptcy attorneys in Ridgeland, Mississippi.

 

Learn more about how filing for bankruptcy can help you.

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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.

Vinester Smith

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.

Owens Booker

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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.

Mike Zegelien

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.

Dawn Barfield

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!

Natalia Ramsey

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.

Kim Ainsworth

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

Bryan Aust

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.

Lashay H

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. 🌈🌈❤️❤️

Courtney Crawford

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!

Rebecca Harvey

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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

Beverly Wilson

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.

Lauren Primeaux

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!!

Stephanie Harris

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.

Jonathon W