Bankruptcy is a common occurrence in America today, with nearly 20,000 bankruptcy filings occurring annually throughout eastern, western, and middle Mississippi alone. Each year, thousands of individuals and businesses each year find themselves in an impossible financial situation that they just cannot get out of without some sort of legal help. Bankruptcy protection may be the answer these individuals or businesses are looking for to get debt relief -- but is it the best answer?

Bankruptcy is the legal inability to pay debts or the state of having been legally declared bankrupt. Obtaining bankruptcy protection can be a grueling process and because bankruptcy laws can be complicated, due to the many different types of bankruptcy, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case – especially if you own a business and have assets.

A Mississippi bankruptcy lawyer or attorney will have the ability to successfully navigate through Mississippi ’s complicated bankruptcy codes, statutes, and exemption laws as well as explain the different types of bankruptcy and advise you on which one is best for you. They include: chapter 7, 11, and chapter 13 (the most common types), and chapter 9, 12, and chapter 15 (less common). Married couples tend to utilize chapter 7 and businesses typically utilize chapter 7 and 11.

Once a Mississippi bankruptcy lawyer or attorney has explained your options, they will oversee your case, beginning to end. In some situations, the individual or business will go before a Mississippi judge and work out (and agree to) a payment plan. Or, they will have a partial or full discharge of most debt. In some cases, all debts are discharged. If this seems too good to be true, you are correct – it is. If you file for bankruptcy, your debts will be discharged, but your credit will be ruined, and in most cases, for up to 10 years. A Mississippi bankruptcy lawyer or attorney will explain the risks as well as offer other possible alternatives to bankruptcy. Keep in mind that a bankruptcy lawyer or attorney will also (or should) have extensive knowledge about debt management.

If you are ready to contact a Mississippi bankruptcy lawyer or attorney, visit the American Bar Association ( ABA ) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Mississippi . Access to the site and profiles is absolutely free.

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