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Southaven MS Bankruptcy Law Blog

Debt repayment timing can answer question of bankruptcy

Two of the most common questions surrounding bankruptcy are whether or not a person should file in the first place and, if so, what type of bankruptcy he or she should declare. One extremely important consideration when it comes to personal bankruptcy in Mississippi is the matter of timing. There are countless other factors, of course, that should go into such a serious decision. Nevertheless, the timing of debt repayment and the filing itself is of the utmost importance in answering bankruptcy-related questions.

If a person needs to make a large purchase in the near future, such as a home or a car, filing for bankruptcy can impede that process due to its effect on credit scores. Nowadays, credit scores are also used for less significant matters such as determining rental and utility deposits. Still, for someone with a modest income, having a bankruptcy on a credit report can make these expenses more formidable.

Chapter 13 can subdue overdue tax liabilities

Tax season has come and gone for most Mississippians, but this time of year there are bound to be some state residents still trying to pay off their tax debt from the previous year. Some are able to get a handle on the problem simply by filing for an extension with the Internal Revenue Service. For others, though, their financial challenges may be so great that Chapter 13 bankruptcy may be the most appropriate option.

Will private student loans become dischargeable in bankruptcy?

Many residents of Mississippi have likely heard plenty about the U.S. student loan crisis. Estimates regarding the current amount of outstanding student loan debt place the number at around $1.1 trillion. More and more Americans have been seeking a college education, but swiftly-rising tuition prices and a struggling economy have combined to put student loans on many graduates' list of unpaid bills. Unlike other forms of debt, though, such as credit card debt or mortgage debt, student loan debt is currently not dischargeable through personal bankruptcy, with very few exceptions.

U.S. Supreme Court rules on inherited IRAs and bankruptcy

With the U.S. fast becoming home to an aging population, many Mississippians are likely wondering how to deal with financial situations involving debt, bankruptcy and inheritance. Recently, the U.S. Supreme Court issued a unanimous verdict on the subject of Individual Retirement Accounts and personal bankruptcy.

Americans' credit card debt appears to be shooting back up

The Great Recession taught Mississippians many things: secure employment is something to be sought-after and appreciated, cars and homes should be affordable in light of one's income and expenses and credit card debt is something to be maintained very carefully. Still, despite the newfound credit lessons related to the recession, some data show that Americans may be getting into credit card debt yet again.

Declaring bankruptcy as a financial professional

When the average Mississippian declares bankruptcy, most people nowadays are likely to find the financial challenges understandable. After all, state residents are still coping with a challenging economy that has included unemployment, foreclosures, student loans and rising prices of food and gas. Still, there are some people in certain professions whose personal bankruptcy can alter their professional reputation.

Mississippi political race involves Chapter 7 accusations

Politics in Mississippi are rarely boring. From the state level to local races, there are frequently colorful debates and interesting personalities to watch. Nowadays, it's not unexpected for some races to become so heated that accusations fly back and forth, many of them covered extensively by the media. In a current race going on in Canton, one candidate has accused two others of having filed Chapter 7 bankruptcy.

Vehicle repossession does not have to be inevitable

Like other areas of Mississippi, Southaven and De Soto have experienced their fair share of economic uncertainty. Residents are likely grateful for their jobs and the income they provide, but, at the same time, residents know that unforeseen events can always crop-up. One of the first areas often affected by personal financial setbacks is the personal or family vehicle. After a layoff, for instance, all it takes is a couple of missed payments, and one could be dealing with the threat of repossession.

Understanding the debt-to-credit ratio of consumer debt

Many Mississippi residents already know that their financial outlook would be brighter without certain debts. Burdens like student loans, auto and home loans and credit card debt can come together to paint a picture of overwhelming debt. Still, while many know that they must pay down debt in order to secure a more stable position, the question is often how, to tackle that debt in a way that helps rather than harms one's credit.

Navigating credit card applications under Chapter 13

Getting turned down for a credit card is never easy. Getting turned down after filing for Chapter 13, though, is not particularly surprising. While Chapter 13 bankruptcy, and other forms of bankruptcy, no longer carry the stigma they once did, there are many nuances of these processes that must be navigated carefully and with a calm, educated approach.

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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