Bankruptcy Attorney in Mississippi
Helping Clients Throughout Ridgeland, Jackson and the Surrounding Areas
Explore Their Bankruptcy Options
Are you contemplating bankruptcy as a way to resolve your financial problems? You will first need to find out if you qualify to eliminate your tax debt through bankruptcy. Next, you must choose the bankruptcy option that will work best for your situation. Both of these tasks can be challenging to complete on your own.
Our Mississippi bankruptcy lawyer at Damiens Law Firm, PLLC can evaluate your finances and help you understand your options. Do not worry, dealing with a tax professional does not have to be painful. In each case we handle, we strive to make the process go as smoothly and efficiently as possible to remove your burden—not make it greater.
Let our skilled Jackson tax attorney review your options with you. Call (601) 871-6322 today to schedule your free consultation.
Chapter 7 Bankruptcy
Most individuals who file for bankruptcy do so under either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy typically works well for people who have a low income and little to no assets. Also known as liquidation bankruptcy, this process involves a court-appointed trustee liquidating the debtor’s nonexempt assets to pay creditors. After all the proceeds have been used, the remaining debt is discharged.
To be eligible for Chapter 7 bankruptcy, your income needs to be lower than the current state median or you must pass a means test. The means test is designed to determine your disposable income, or income that can be used for paying back your debts. The more disposable income you have, the more likely you will be unable file for Chapter 7 bankruptcy.
Chapter 13 Bankruptcy
Higher-income earners often opt to file for Chapter 13 bankruptcy. This is a reorganization method which is used to help debtors pay back all or a portion of their debts through a repayment plan. The amount that a person is required to repay is determined by their expenses, income, and type of debt. This form of bankruptcy allows debtors to retain their property and catch up on certain debts like mortgages and car payments.
You may wish to file for Chapter 13 bankruptcy if:
- You need debt relief but do not qualify for Chapter 7 bankruptcy.
- You have been delinquent in paying a car or house payment but want to pay back what you have missed while retaining the property.
- You have non-dischargeable debts such as child support, alimony, or student loans that you desire to repay in the next three to five years.
Get Debt Relief Today
To find out which bankruptcy option you qualify for, contact Damiens Law Firm, PLLC. Our bankruptcy attorney in Mississippi can help you discover a path that is right for you and help you navigate the filing process.
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