Large amounts of personal debt aren't unusual nowadays, but the variation is often in each Mississippi resident's ability to pay back that debt. For residents of Southaven and surrounding areas, the answer to insurmountable debt is often Chapter 7 bankruptcy. Under this type of personal bankruptcy a debtor is able to make a fresh financial start via asset liquidation. Many wonder, though, if they may be able to file for Chapter 7 while still holding onto their home or their car.
In Mississippi, it is possible to keep both your home and your vehicle while filing for Chapter 7. Under Chapter 7, some property is exempt - it gets to stay with the debtor instead of going towards the bankruptcy estate to be sold for paying back creditors. Exempt property is usually that which is necessary for day-to-day living; a person can't get back on their feet without some of the basics of life. In Mississippi, these basics include homes and cars.