Mississippi Bankruptcy Laws

Filing Bankruptcy in Mississippi

If you live in Mississippi and are thinking about filing bankruptcy a Mississippi bankruptcy attorney will present you all of your options.

Learn, with the help of a Mississippi bankruptcy attorney, whether filing Chapter 7 or Chapter 13 bankruptcy is the best move for you.

For a consultation with a local Mississippi bankruptcy attorney simply fill out the form on this page.

Bankruptcy Law and Mississippi Exemptions

In your initial consultation with your Mississippi bankruptcy attorney you will review all of the primary differences from Chapter 7 and Chapter 13 bankruptcy.

During this consultation your Mississippi bankruptcy attorney will ask you many personal finance questions or provide you with a profile sheet to list certain financial details. The answers you list should assist you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is the correct approach.

Chapter 7 bankruptcy is known as liquidation as the bankruptcy trustee may opt to sell or auction non-exempted property (see State Exemptions list below).

Furthermore, in most of Chapter 7 bankruptcy cases, the person filing bankruptcy owns no non-exempt property, so this would not apply to most filings. If you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice, as you would be allowed to discharge most of your unsecured debt.

Prior to filing Chapter 7 bankruptcy please discuss about your situation with a Mississippi bankruptcy attorney to determine exactly how much property may be exempt from liquidation.

Mississippi State Exemptions

Federal bankruptcy exemptions not available in Mississippi.

Homestead

1. $75,000 for land and buildings not exceeding 160 acres.
2. $30,000 for one mobile home or manufactured home used as primary residence.

Wages

100 percent of gross earnings for 30 days and 75 percent of gross earnings thereafter.

Personal Property

1. Up to $10,000 cumulative value of the following: Household goods, clothes, books, animals, crops, motor vehicles, implements, professional books, tools of the trade, cash on hand and professionally prescribed health aids.
2. Any tangible item worth less than $200.

Chapter 13 Bankruptcy is known as “reorganization”. Those filing Chapter 13 may own more property thus by filing Chapter 13 may also retain most of their assets.

With Chapter 13 bankruptcy, the debtor draws up a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This plan allows the individual to repay outstanding bills.

Speak With a Mississippi Bankruptcy Attorney Today

If you have thought of filing bankruptcy in Mississippi you may be unaware of where to begin or feel weighed down by the bankruptcy laws.

To put all questions about the bankruptcy laws to rest, a Mississippi bankruptcy attorney will be able to guide you through the bankruptcy process in common terms. When you call a Mississippi bankruptcy attorney you will also be able to have many of your questions and concerns answered in the first consultation.

Take the stress out of finding a good Mississippi bankruptcy attorney. Just complete our bankruptcy questionnaire on this page and we will direct you to a Missouri bankruptcy attorney in your area.

Note:This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.

Mississippi Bankruptcy Attorneys are in the following areas:

ABBEVILLE, ALGOMA, ALLSTATE INS, ANSLEY, ARKABUTLA, BANNER, BATESVILLE, BAY SAINT LOUIS, BAY SAINT LOUIS, BAY ST LOUIS , BEAUMONT, BELDEN, BENTONIA, BHAVEN, BIG CREEK, BILOXI, BLUE SPRINGS, BOGUE CHITTO, BOLTON, BRANDON, BRAXTON, BROOKHAVEN, BROOKLYN, BRUCE, BYHALIA, BYRAM, CALHOUN CITY, CAMDEN, CANTON, CARRIERE, CARTHAGE, CLINTON, COFFEEVILLE, COLDWATER, COMO, COURTLAND, D LO, DEPOSIT GUARANTY NATL BK, DERMA, DIAMONDHEAD, DIBERVILLE, ECRU, EDWARDS, ESCATAWPA, ETTA, FALCON, FLORA, FLORENCE, FLOWOOD, GAUTIER, GPT, GULFPORT, HARRISVILLE, HERNANDO, HOLLY SPGS, HOLLY SPRINGS, HORN LAKE, HURLEY, INDEPENDENCE, JACKSON, KILN, LAKE CORMORANT, LAMAR, LEAKESVILLE, LONG BEACH, LUCEDALE, MADDEN, MADISON, MC HENRY, MC LAIN, MC NEILL, MENDENHALL, MOSS POINT, MYRTLE, NAVY HOMEPORT, NEELY, NESBIT, NEW ALBANY, NEW AUGUSTA, NEWHEBRON, NICHOLSON, OAKLAND, OCEAN SPGS, OCEAN SPRINGS, OLIVE BRANCH, OXFORD, PARIS, PASCAGOULA, PASS CHRISTIAN, PEARL, PEARLINGTON, PELAHATCHIE, PERKINSTON, PICAYUNE, PINEY WOODS, PINOLA, PITTSBORO, POCAHONTAS, PONTOTOC, POPE, POPLARVILLE, POTTS CAMP, PUCKETT, RANDOLPH, RAYMOND, RED BANKS, RICHLAND, RICHTON, RIDGELAND, RUTH, SACRED HEART LEAGUE, SANDHILL, SARAH, SARDIS, SAUCIER, SENATOBIA, SHARON, SHERMAN, SOUTHAVEN, SPRING HILL, STAR, STATE LINE, TAYLOR, TERRY, THAXTON, THOMASTOWN, TILLATOBA, TOUGALOO, TULA, UNIVERSITY, UTICA, VANCLEAVE, VARDAMAN, VICTORIA, WALLS, WALNUT GROVE, WATER VALLEY, WATERFORD, WAVELAND, WHITFIELD, WIGGINS

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