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.