Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay some or all of their debts under the protection of the federal bankruptcy court.
Chapter 7 involves the liquidation of non-exempt assets to pay creditors and can discharge most unsecured debts. Chapter 13 allows you to create a repayment plan over 3-5 years while keeping your assets.
Yes. Once you file, an “automatic stay” goes into effect, which stops creditors from collecting debts, garnishing wages, or foreclosing on your home.
In many cases, yes. Mississippi bankruptcy exemptions may allow you to keep your home and vehicle, especially under Chapter 13.
Chapter 7 stays for up to 10 years, and Chapter 13 stays for up to 7 years. However, many clients start rebuilding their credit shortly after filing.
Technically no, but it’s strongly recommended. An experienced bankruptcy attorney can help you avoid costly mistakes and ensure the process goes smoothly.
Your Comprehensive Bankruptcy Representation
Your initial consultation with our lawyer and offered M-F 8:00 a.m. to 4:30 p.m only. Saturday appointments available the 3rd Saturday of every month. Contact us. Call our toll-free number — 866-934-8148 — or send an email message.
Kevin F. O’Brien is licensed to practice in Tennessee as well as Mississippi, in order to assist clients in the Greater Memphis area.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
