If you’re facing potential bankruptcy, you have a lot on your plate. Determining which type of bankruptcy is right for you, figuring out which assets you can keep and which you must give up, and what paperwork is necessary for each step of the way can be overwhelming. Pond Law Firm gets it and we know how confusing and stressful the process can be. We’re here to answer the most commonly asked questions about bankruptcy petitions in Scott County, MS. Our experienced team hopes to simplify and streamline the process for you!
In Scott County, facing bankruptcy is much like any other area of Mississippi. The process can be complex and confusing, so we’re here to clarify!
What types of bankruptcy can I file for in Scott County?
The main bankruptcy petitions available in Scott County are:
How long does bankruptcy stay on my credit report?
The type of bankruptcy for which you file largely influences how long your credit will show the bankruptcy. For instance, Chapter 7 bankruptcy will remain on your credit report for up to 10 years (this begins when you file). Chapter 13 bankruptcy, on the other hand, only remains on your credit report for 7 years, as long as you complete your scheduled repayment plan. In either case, as soon as your bankruptcy case in Scott County is resolved, you can begin rebuilding your credit.
Can I keep my home or car if I file for bankruptcy?
This depends on which type of bankruptcy you are pursuing. Chapter 13 bankruptcy often enables you to keep your home and car. Only if you fail to make payments toward your repayment plan will these assets potentially be taken. In Chapter 7 bankruptcy, there are situations where you may have to sell your home and car to pay off debt. However, there are some exemptions, which cover your home’s equity, vehicle, and some personal property. A bankruptcy attorney can help you decipher what you will be able to keep.
Do I need a lawyer to file for bankruptcy in Scott County?
In any county in Mississippi, a good bankcity attorney can help you immensely. Guidance through the process, protecting your best interests (and assets), helping you understand and make informed decisions, representing you in court, and ensuring your paperwork is filed correctly are just a few of the benefits you’ll reap from hiring a bankruptcy lawyer in Scott County, MS.
If bankruptcy is knocking at your door, contact Pond Law Firm as your reliable bankruptcy attorney in Scott County, MS. We have decades of dealing with every facet of bankruptcy, and we can help you navigate these scary and stressful waters. Our support starts with your first phone call and ends years later, once you’re reestablished and back on solid financial ground. For the support you deserve when filing for bankruptcy in Scott County, MS, call Pond Law Firm today!