Mississippi Bankruptcy Law Exemptions That Help Protect Creditors
July 16, 2016
There are certain exemptions related to bankruptcy law that helps protect creditors when a debtor files bankruptcy in Mississippi. One also has the choice in Mississippi to avail of federal exemption statutes instead of the Mississippi exemptions, and it is also possible to use federal supplemental exemptions in conjunction with the Mississippi exemptions.
Debtors don’t Necessarily Lose Everything in Bankruptcy
Many people are under the false impression that bankruptcy means losing everything that the debtor owns in order to satisfy his or her debt. As a matter of fact, Mississippi bankruptcy law allows debtors to keep a number of things that are essential for the well being of the debtor and his family. In spite of the fact that there is a federal exemption law, Mississippi bankruptcy law allows you to choose between state and federal exemption laws.
Items that are exempt under Mississippi bankruptcy law include personal effects, furniture, cars (subject to a specified amount of equity), and tools of trade, equity in residence, clothes, household goods as well as books and jewelry.
It should not be difficult to locate a Mississippi bankruptcy attorney, because there are a number of them that specialize in providing service to all kinds of clients. You will be able to get effective counsel across Mississippi that deals with unforeseen medical expenses, divorce or unemployment that can catch you off guard and result in bankruptcy. A good Mississippi bankruptcy law attorney will be able to assist in taking the best option in all matters relating to filing bankruptcy.
Whether it is consumer, business or commercial bankruptcy, you will need a Mississippi bankruptcy law attorney with extensive experience in knowing all the intricacies of the laws pertaining to Mississippi bankruptcy. Keep in mind however, that there is no magic formula to help make the decision to file bankruptcy. You may consider bankruptcy as an option if you are paying minimum amounts on bills, receives a notice that a mortgage or loan is being foreclosed on or you have had severe financial setback.
Consumers can file for bankruptcy either as Chapter 7 bankruptcy or Chapter 13 bankruptcy. With the new federal bankruptcy laws coming into effect on October 17, 2005, a “means test” will determine whether the debtor is eligible for Chapter 7 bankruptcy. For those that do not qualify for Chapter 7 bankruptcy, the best and only option will be the Chapter 13 bankruptcy.
To learn more: call us today to speak directly with an attorney for a free, no obligation, consultation to see if you qualify for bankruptcy and if it is the right decision for you and your family or your business.
Wessler Law Firm is a small family owned law firm specializing in bankruptcy law since 1982.
Disclaimer: This article is meant for reference only, and is not intended to be legal advice.
For legal counsel regarding your situation, please consult an attorney licensed in your state.