Bankruptcy in Mississippi
Chris Holt, your Mississippi Family Lawyer can help you with your bankruptcy questions.
Sometimes people accumulate personal debts beyond their ability to pay. Sometimes the only solution is to declare bankruptcy. The U.S. Bankruptcy Code has two methods for individuals to settle their debts, Chapter 7 and Chapter 13.
What is Chapter 7 Bankruptcy?
What are exempt assets?
Under Mississippi law, a person may exempt $10,000 of specific types of personal property; insurance payments on the exempt property; income from disability insurance; most payments under a qualified pension, profit-sharing or similar retirement or disability plan; and the debtor’s homestead up to the value of $75,000 over and above any mortgage amount.
What about my car loan and mortgage?
How long does Chapter 7 bankruptcy stay on my credit history?
A record of the bankruptcy remains on the debtor’s credit history for 10 years.