Can’t Pay your Debts? -Consider Filing for Bankruptcy

Bankruptcy might sound like a scary option at first, but it sure has its perks. Being in a financial crisis is never an ideal situation for individuals and families. You are frustrated, depressed, and the world seems to be ending, but there is always an option that will take you out of the misery. Thousands of people in Mississippi alone are under a great deal of debt, supporting their family and taking care of other financial obligations, the best they can. They all are out of money to pay their bills so they find themselves in a state of constant stress and disappointment.

There is a way out!

When you haven’t paid your debts and the debt collectors threaten to seize your assets, you have an option known as bankruptcy. Filing for bankruptcy will help you save you car, home, or any assets you own. If you are feeling lost and don’t know how to handle the legal in’s and out’s, you can team up with a proven, professional bankruptcy lawyer here at Biloxi Bankruptcy Lawyer and get the support you need to file for bankruptcy in Mississippi. Chris Davis of Biloxi Bankruptcy Lawyer is a professional that knows the laws in and out. He will help you collect and submit the relevant documentation to the court at the right time and guide you through what could be a difficult process without having the support of a pro on your side.

What are your options?

If you are an individual, then you have two options; Chapter 7 and Chapter 13. The federal bankruptcy court assigns a trustee for each individual that deals with the creditors.

  1. Chapter 7 ‘straight bankruptcy’

If you file for Chapter 7 then:

  • You will have to submit data of all your financial documents, income statements, assets, living expenses, property etc
  • The non-exempt property is defined by the law of each state that mostly includes; home furniture, equity in your home, insurance, retirement plan
  • Your non-exempt property will be sold and the money will go to creditors
  1. Chapter 13 ‘wage-earner’

If you file for Chapter 13 then:

  • You have to submit your monthly income statement
  • You hire a bankruptcy lawyer to make a repayment plan
  • You save money and pay your debts
  • Only individuals with steady income can file for Chapter 13
  • You get to save your assets

Get rid of debt collectors

If you know that you can’t pay off your debts and the debt collectors are knocking your door everyday and have your phone ringing off the hook, then you have the option to file for bankruptcy. Bankruptcy can save individuals from the stress of debt collectors. Debts can be really daunting and once your financial conditions become multiplied you cannot pay them off. The safest option is to file for bankruptcy and hire a professional bankruptcy lawyer that can help you get out of the trouble.

Biloxi Bankruptcy Lawyer helps individuals and families get rid of their debt and help manage their finances for the future. They will provide you with proper counseling and will help you create a saving plan. Once you are able to clear your case with the help of your lawyer, you will be able to spend your money more wisely.