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Southaven MS Bankruptcy Law Blog

Repo agents vs. bankruptcy protection in Mississippi

When a person is dealing with significant financial challenges, he or she may be threatened with seizure of personal property. One of the more common scenarios is when a person is overwhelmed by debt, has fallen behind on their car payments, and is eventually threatened with repossession. While the threat of repossession is very real for all too many local drivers, repo agents must follow the law when taking back a car, truck, recreational vehicle or the like.

While there is not a specific state repossession license requirement, repo agents do need to abide by any licensing requirements at the city or county level. Actual repossession of a vehicle is permitted so long as repo agents do not commit a breach of the peace. In Mississippi, prior to the disposition of the debtor's collateral, the debtor has the chance to redeem that collateral via making a full payment of the debt in addition to all of the creditor's reasonable incurred expenses.

Credit card debt piling up again for many Americans

After the holidays, it's not unusual to have some extra credit card debt. However, for some residents of Southaven credit card debt is becoming more than just a seasonal obligation. According to some new reports, Americans' credit card debt appears to be on the rise again after years of recession-era frugality.

Two recent reports from the financial website WalletHub indicate a return to willingness to take on credit card debt. Per one report, last year credit card debt rose by nearly $70 billion, with a total of around $900 billion. Interestingly, this is the highest amount of credit card debt reported since the recession which began nearly a decade ago. The average American household now has owes about $8,000 to creditors.

Can a Chapter 13 repayment plan be altered?

One of the many benefits for filing for Chapter 13 bankruptcy in Mississippi is the fact that the debtor may get the chance to avoid foreclosure and keep much of his her personal property. Chapter 13 entails a repayment plan, as opposed to the liquidation found in Chapter 7. Regardless of the type of personal bankruptcy one chooses, it can be helpful to learn about each one from an attorney.

In Chapter 13, the repayment plan is usually between three to five years. As those who have previously coped with financial challenges tend to know, a lot can happen in a few years. Financial circumstances can change dramatically, either for better or for worse. One of the questions that those who are filing for Chapter 13 may want to know is, can a Chapter 13 repayment plan ever be altered?

Study highlights medical expenses of cancer survivors

The New Year is here, and many in the Southaven area may be resolving to get healthier in 2016. From working out more often to eating healthier meals, it's not uncommon for New Year's resolutions to center on health and wellness. Still, there are some health conditions that people have little control over; some unfortunate individuals may be stricken by diseases like cancer no matter how healthy their lifestyle.

This time of year, many people are probably also resolving to obtain debt relief or at least pay down some looming debts if possible. Some health conditions may be linked to overwhelming debt, however. Per a recent study, a third of cancer survivors of a working age get into debt as a result of their condition, while 3 percent end up declaring personal bankruptcy. Of the third who delved into debt due to cancer, over half grappled with debts of over $10,000.

Know your options when it comes to asset forfeiture

Falling behind on one's bills is certainly not an unusual situation, but getting deep into debt make a person feel as if they are completely alone. When a person living in Northern Mississippi has missed enough payments on certain accounts, they may face some very intimidating consequences, including collections and asset forfeiture. The thought of getting one's wages garnished is understandably jarring, but there is help available.

As with any legal problem, it can pay off to get started early on finding a solution. This time of year, many are focused on self-improvement and making positive changes in the coming year. For those experiencing financial challenges, the focus is likely to be on getting out of debt, avoiding garnishment and repossession and keeping one's personal property. With the help of a Mississippi bankruptcy attorney, it can be possible to achieve all of the above.

Does Chapter 7 affect a filer's future income?

As December comes to a close and the calendar moves closer to the New Year, it's not surprising that many in De Soto County would be thinking of the future. For those who are thinking about filing for bankruptcy and securing a truly fresh financial start, the future holds extreme importance. After all, the reason why many file for bankruptcy in the first place is to obtain debt relief and get on the right track financially.

Still, despite the many advantages of Chapter 7, those who file will probably have a huge number of questions before they get started. This is only normal, and it's beneficial to get one's questions thoroughly answered before filing. A Chapter 7 bankruptcy attorney in Southaven can be a resource that may prove particularly helpful this time of year.

Fed raises interest rate, affecting credit card debt

This time of year, the income and expenses of many in Mississippi just aren't matching up. Too much debt may cause some to wonder how they can placate creditors, stop garnishment and escape threatening letters and phone calls. Still, countless consumers postpone thinking about their financial challenges until after the holidays. However, a recent event may spur some to hasten any financial improvement plans they had in store for the New Year. For the first time in over ten years, a rate increase has occurred with the Federal Reserve. The short-term interest rate was last raised in 2006.

Since 2008, the rate has been fairly low, staying around zero. However, earlier this month it was raised 0.25 percent. According to a Fed Chair, the move signals increased confidence in the U.S. economy. However, it could have varying implications for those carrying large amounts of consumer debt, including credit card debt.

The importance of a Chapter 13 bankruptcy stay

For an indebted resident of Mississippi or Tennessee, there are many advantages that come with filing for Chapter 13 bankruptcy. Sometimes known as a wage earner's plan, Chapter 13 essentially reorganizes a filer's debts into manageable payments that are made over a period of several years. In addition to discharging eligible debts after the repayment period is complete, Chapter 13 can also stop creditor harassment and stop foreclosure, among other benefits.

One of the prime benefits of Chapter 13 is what is known as an automatic stay. Filing for Chapter 13 typically automatically stays, or stops, certain actions against a debtor. For instance, a stay can put a halt to collection actions taken against a debtor or against the debtor's property. Fortunately for debtors, the stay, true to its name, arises automatically and doesn't require a separate judicial action.

Holiday season throws spotlight on need for debt relief

Personal finance is a topic few people want to think about during the holiday season, but it can literally pay off to be money-conscious this time of year. Still, with all the stress of the season, dealing with credit card debt and other forms of debt can seem overwhelming. When accounts go to collections and debt collectors are added to the mix, the results can be extremely unsettling.

One way out of this type of situation is to consider personal bankruptcy, such as Chapter 7 or Chapter 13 bankruptcy. Not only can these legal avenues relieve a Mississippi resident of his or her dischargeable debts, but they can also take away the responsibility of dealing with debt collectors. When a person files for Chapter 7 or Chapter 13, debt collectors must now deal with an experienced attorney rather than with a person struggling with medical bills, personal loans and holiday credit card debt.

How can a Chapter 7 case can be dismissed?

Filing for bankruptcy is a big step for most people, one that comes with rights as well as responsibilities. Typically, a personal bankruptcy case, Chapter 7 or Chapter 13, will proceed without a hitch and the filer will obtain a fresh financial start at the end of the process. However, it is possible in some instances for a Chapter 7 bankruptcy case to be dismissed by the court. Since most filers will likely want to avoid this type of scenario, it can be beneficial to learn the basics of how a case could be potentially dismissed.

A Chapter 7 bankruptcy, or strait bankruptcy, case can only be dismissed after notice, a hearing and "for cause." This means that the situation must fit one of the following conditions: the debtor has not paid the fees or charges required by the U.S. code, the filer has caused unreasonable delay that is deemed prejudicial to the filer's creditors, or if the debtor fails to file certain information before key deadlines.

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Subscribe to this blog's feed Visit Our Bankruptcy Law Website Heidi S. Milam

Attorney at Law, P.L.L.C.
7160 Tchulahoma Road, Suite A5
Southaven, MS 38671

Phone: 662-655-1605
Toll Free: 888-341-8136

Fax: 866-267-5360