It’s a stressful and difficult situation if you find yourself in a predicament where filing for bankruptcy is necessary. Many believe bankruptcy is the end of your financial future and that doing so will take away every opportunity you may have had. Yet filing for bankruptcy can actually be a legal and manageable method of resolving debt and getting the fresh start you deserve. The best way to ensure that claiming bankruptcy works to your advantage is to team up with an experienced local Simpson County, MS bankruptcy lawyer. Having the right legal representation can make all the difference in your financial recovery.
Despite the commonly held perspective that bankruptcy is all bad, filing can be a huge benefit for you if the situation is right. With a bankruptcy claim, you’ll get relief from the overwhelming debt that has built up against you. Discharging or restructuring your debts can completely remove money owed or establish a manageable repayment plan that works in your current financial scene. By filing for bankruptcy, you’ll move into an automatic stay, which stops all collections against you such as a foreclosure, repossession, wage garnishment, creditor harassment, and more. You need clear breathing room in order to figure out the best approach to your financial situation and this stay provides exactly that.
In many cases, a manageable debt repayment plan is all it will take for you to regain control over your finances while keeping your assets. Filing for Chapter 13 bankruptcy in Simpson County, MS will lead to a structured repayment plan that is possible for you to consistently make. The plan is based upon the reality of your current financial position, so there are no surprises and it will be within your ability to pay. This may enable you to keep valued possessions because you’ll repay your debt over 3-5 years. If you have a home, car, or personal belongings that matter to you, and you have a reliable income, filing for Chapter 13 bankruptcy may benefit you. Pond Law Firm is your local reliable partner in putting together a Chapter 13 bankruptcy claim.
Chapter 7 bankruptcy involves discharging your debt while holding on to exempt assets. Over time, you’ll liquidate all your non-exempt assets to pay off your creditors. You will have to pass a means test which will prove that you do not have the income to reliably deliver on a repayment plan. Instead, if your income is below the median income in Mississippi, you will pass the means test and can proceed with liquidating assets to pay off your debt. This is the best course of action if you need to pay off debt quickly and have a lower income level. It is important to note that not all debts are dischargeable, including student loans, alimony, and child support. Besides that, you will walk away debt-free and ready to make a fresh start. Rebuilding your credit may take time and effort but filing for Chapter 7 bankruptcy in Simpson County, MS is the most direct route to financial freedom.
For support in filing for bankruptcy in Simpson County, Mississippi, contact Pond Law Firm. Our experienced team will help you regain control over your debt and provide the pathway to a fresh financial start.