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Bankruptcy law in Hattiesburg follows the federal United States Bankruptcy Code. This law is designed to help people who can no longer pay their creditors get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. These procedures are covered under Title 11 of the United States Code (the Bankruptcy Code).
Navigating bankruptcy proceedings can be complex. Individuals may find themselves in financial difficulty due to job loss, medical expenses, a difficult economy or unexpected events. Businesses might also need to file bankruptcy due to falling revenue or increasing costs. A lawyer can provide essential guidance, helping you to understand the potential risks and benefits of bankruptcy. Common situations where people may require legal help include filing for bankruptcy, understanding the types of bankruptcy, dealing with creditors, salvaging credit, and assets after bankruptcy.
Although bankruptcy law is federal, there can be significant implications pertaining to your state of residence. Mississippi state exemptions apply in Hattiesburg. These exemptions determine what assets you're allowed to keep in Chapter 7 bankruptcy, such as your home, car, pension, etc. It's also beneficial to consult with a local lawyer to understand these specifics and how the state bankruptcy exemptions might impact your bankruptcy case.
The most common types of bankruptcy are Chapter 7 and Chapter 13 for individuals, and Chapter 11 for businesses. A Chapter 7 bankruptcy can wipe out certain debts in a matter of months, but you may have to sell property to pay your creditors. Chapter 13 bankruptcy lets you keep your property in exchange for partially or fully repaying your debts through a repayment plan.
A bankruptcy trustee administers the bankruptcy case. They review the bankruptcy petition, liquidate non-exempt assets to pay creditors in a Chapter 7 case, or oversee the repayment plan in a Chapter 13 case.
Yes, by filing for bankruptcy, an automatic stay is enacted which immediately stops most creditors, including mortgage lenders, from attempting to collect what you owe.
No, not all debts are dischargeable in bankruptcy. Non-dischargeable debts include most student loans, child support, alimony, tax debts, and any debts not listed on your bankruptcy petition.
Filing for bankruptcy can significantly impact your credit score, and it may remain on your credit report for 7 to 10 years. This does not mean you cannot get credit, it simply means it may be more difficult or come with higher interest rates.
Additional resources you can look into include the official site of the United States Courts which provides comprehensive information on federal bankruptcy laws. Also, the American Bankruptcy Institute is a non-partisan organization dedicated to providing information about bankruptcy to the public. Local Mississippi legal aid organizations may also provide assistance, especially to low-income individuals.
If you're seeking legal assistance regarding bankruptcy, a prudent first step is to find a qualified attorney specializing in bankruptcy. They can provide an in-depth consultation tailored to your circumstances and guide you on how to navigate the bankruptcy procedures. It's crucial to gather all necessary documentation regarding your debts, assets, income, and expenses. And remember, being proactive towards understanding your rights and options in the bankruptcy law system can be instrumental in managing your financial future.
