Personal bankruptcies

On behalf of The Rollins Law Firm posted in Chapter 13 on Wednesday, October 23, 2013.

Many people in Mississippi and elsewhere find themselves overwhelmed by mounting credit card and mortgage debt but view bankruptcy as an undesirable last resort. However, many advisers suggest that people who really are unable to continue to pay their bills should file for bankruptcy as a way to address their problems and start rebuilding their financial lives.

Bankruptcy filings increased dramatically at the start of the financial recession in 2008 when the number increased by 32 percent from the previous year. In 2012 there were 1.3 million such filings, although latest figures show a slight reduction as the economy begins to improve.

Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two most common types for individuals. Chapter 7 involves the liquidation of a debtor's nonexempt assets, discharges the debtor's personal liability for most debts and ensures creditors can no longer take collection actions against the debtor. In contrast, Chapter 13 is a debt adjustment plan somewhat similar to a debt consolidation loan. Debtors gets to keep their property but must repay their debts pursuant to a specific schedule over a period normally lasting from three to five years.

A lost job or unanticipated medical expenses can often place people in a situation where they are no longer able to pay off their debts. A person who is faced with such a situation may wish to speak with an attorney who has experience in bankruptcy law matters. The attorney may be able to determine whether a Chapter 7 or Chapter 13 bankruptcy filing is appropriate under a particular set of circumstances, and may also be able to suggest alternative methods of debt relief.

Source: CNBC, "The good thing about bankruptcy", Sakina Spruell, October 21, 2013

Client Reviews
★★★★★
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.
★★★★★
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.
★★★★★
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.
★★★★★
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.