Bankruptcy Debt Discharge Attorney in Columbus, MS
There are a variety of situations in which you or your family may decide to file for Chapter 7 bankruptcy. At The Rollins Law Firm in Mississippi, we comprehend and take into account all of your reasons for choosing to file for bankruptcy. A physical injury, the loss of a career, or even an increase in the cost of living can make it difficult for an individual or family to make ends meet.
If you are suffering severe financial problems and feel as though you have reached the end of your rope, our skilled bankruptcy attorneys are here to help. The Columbus bankruptcy attorneys Thomas C. Rollins Jr. and Jennifer Curry are committed to assisting you in regaining financial stability.
When you visit The Rollins Law Firm, our devoted staff will meet you with a warm welcome. During this stressful period in your life, our objective is to make you feel at ease and heard. During your initial appointment, a seasoned Mississippi bankruptcy debt discharge specialist will assess your financial position and assist you with your concerns regarding Chapter 7 bankruptcy and its relation to debt discharge.
Call us today to make an appointment for a free consultation.
Why do I need a Debt Discharge Attorney in Columbus, MS.?
A chapter 7 debt discharge attorney is a type of bankruptcy lawyer who represents clients in proceedings related to the elimination of Chapter 7 debt. Individuals who are unable to pay back their debts and have a significant amount of debt that they are unable to pay off might want to think about filing for bankruptcy. Chapter 7 bankruptcy is by far the most prevalent form of insolvency in the United States; however, there are a number of other possibilities to choose from.
An attorney who concentrates their practice on relieving clients of their Chapter 7 debt will work closely with clients to assist them in navigating the process of filing for bankruptcy. It is their responsibility to help people in obtaining debt relief and in guiding them through the many legal steps and procedures in an organized manner as part of their job duties.
What is a Chapter 7 Bankruptcy?
If you file for bankruptcy under Chapter 7, you are required to sell your assets (everything you possess that has worth) in order to pay back your creditors. This type of bankruptcy allows you to discharge all or the majority of your debts . This procedure is referred to as liquidation, and once it is over, any remaining unsecured debt is typically canceled out.
Bear in mind, however, that there are several kinds of debt that are not discharged through Chapter 7 bankruptcy. These include alimony, child support, student loans, certain forms of tax obligation, HOA fees, court fees, and any unsecured debt that you purposefully omitted from your filing.
Do I Have to Sell All My Assets?
When you file for Chapter 7 bankruptcy, the court will require you to sell most of your assets in order to pay off your debts. However, there are some things that the court may exclude from this requirement, depending on where you live. In most cases, you should be able to keep essentials (think your house, car, and retirement accounts). Note, though, that filing for bankruptcy under Chapter 7 won’t halt foreclosure on your property; at best, it will just postpone the process.
Is Bankruptcy My Only Option?
You have the option of reaffirming the debt, which means you recommit to the terms of the loan arrangement and continue making payments in order to maintain any of the items for which you are still responsible for making payments. That additionally indicates that you are still required to make payments on the loan. However, the vast majority of Chapter 7 bankruptcies are cases of “no assets,” meaning the debtor does not have enough valuable things or property to sell.
What is a Chapter 7 Debt Discharge?
If you file for bankruptcy and receive a discharge, certain debts will no longer be your personal responsibility, and your creditors will be prohibited from attempting to collect on those debts. If your case is not thrown out or changed to a different kind of bankruptcy case, there is a good chance that you will be granted a discharge upon completion of the bankruptcy process. After filing for bankruptcy, the discharge of debts typically takes place within a few months of the filing date.
The court may deny your discharge if you:
- Fraudulently sold or hid property that should have been part of the bankruptcy estate;
- Intentionally failed to list assets;
- Failed to follow orders of the bankruptcy court; or
- Lied under oath during the bankruptcy.
In addition, the court has the authority to revoke your discharge after it has been granted if it later determines that you obtained it through dishonest means.
In the process of filing for bankruptcy, not all debts are eligible for discharge. For instance, only debts that were incurred prior to the date that the Chapter 7 bankruptcy petition was filed will be discharged; you will still be responsible for any debts that were incurred after the bankruptcy petition was filed.
The Bankruptcy Code of the United States outlines the categories of debt that cannot be eliminated through the bankruptcy process. If your debt does not fall into any of the categories listed above, you will not be able to have it discharged. In addition, even if a debt would typically be dischargeable, it will not be if fraud was committed in relation to the deficit.
Call our Chapter 7 Debt Discharge Attorneys Now!
During any stage of the procedure, you should feel free to get in touch with our office at any time. We are able to walk you through everything in a step-by-step manner expertly. If you are already a customer, that’s fantastic! However, if you are not a customer, that is perfectly OK as well! You can get a free consultation regarding Chapter 7 bankruptcy debt discharge right now.
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