Mississippi Bankruptcy Lawyer

Nearly 20,000 bankruptcy filings occur annually throughout the state of Mississippi alone. Thousands of individuals and businesses each year find themselves in an impossible financial situation. Bankruptcy protection may be the only answer these individuals or businesses have in order to get debt relief but is it the best answer?

Bankruptcy is defined as the legal inability to pay debts, and a need for a life-preserver is needed.. Obtaining bankruptcy protection can be a arduous process, and because the correlating laws are complicated, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case. This is especially important if you own your own company, or if you have substantial assets that you wish to protect.

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

In Mississippi, there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. In Mississippi, the homestead is exempt up to $75,000 but it can't exceed 160 acres. Personal property that is exempt includes furniture, clothing, appliances, 1 firearm, 1 radio, 1 television, 1 lawnmower, china, crockery, linens, kitchenware, personal affects, jewelry, books, crops, animals, motor vehicles, health aids, and any item of tangible personal property less then $200. A mobile home is exempt up to $30,000, state health savings plans, and education savings plans are exempt. Personal injury judgments are also exempt up to $10,000. Wages that are earned but unpaid owed for 30 days, and after 30 days a minimum of 75% of unpaid weekly earnings or 30 times the federal minimum hourly wage are exempt. Tax exempt retirement accounts and pensions are exempt. Social security, assistance to the blind, aged, and disabled, worker's compensation, unemployment compensation, and crime victims' compensation are all exempt.

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 in order to negotiate a payment plan. There will be a partial or full discharge of the debt.

If you file for bankruptcy, your debts will be discharged, but your credit will be affected, and negatively, for up to ten years. A Mississippi bankruptcy lawyer or attorney will explain the risks, as well as offer other possible alternatives to bankruptcy. A bankruptcy lawyer or attorney will have extensive knowledge about debt management.

In 2008, a cumulative 11,948 individuals in Mississippi filed for bankruptcy, with 52% of them filing for Chapter 13 and 48% of them filing for Chapter 7. If you are ready to contact a Mississippi bankruptcy lawyer or attorney, visit the American Bar Association website. The ABA site features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Mississippi. Access to the site and profiles is absolutely free. The number of people filing for bankruptcy and needing help may only grow as financial issues worsen.


Legal•Info State Bankruptcy Information

Legal•Info State Resources

Find legal information and lawyers that specialize in Bankruptcy by state: