Chapter 7 Bankruptcy Attorney in Philadelphia MS
Chapter 7 Bankruptcy is a process where an individual or business can eliminate a large percentage of debts. You may have to in some cases give up non-exempt property but usually, your house and car can be exempted.
Although bankruptcy is not something anyone looks forward to, in some cases, it's the most practical option. The significant benefit of chapter 7 bankruptcy is finally being free of the constant stress and worry caused by bills, debt collectors, foreclosure, and repossession. Actions against are prevented, and post-petition income is spared. When you're filing for bankruptcy, contact Settlemires & Graham. We have a chapter 7 bankruptcy attorney in Philadelphia ready to help you decide if filing for Chapter 7 bankruptcy is your best option.
People struggling with debt often want to have a clean slate. By filing for Chapter 7 bankruptcy, is as close to that as you can get. However, non-dischargeable debt, such as some taxes, alimony, child support, and student loans, are not exempted. There are no limits on debt elimination as long as your debt is considered unsecured.
Trustees & Chapter 7 Bankruptcy Exemptions
One of the many options available to a bankruptcy attorney is to protect your property through exemptions. Although you may be required to hand over a portion of your assets to a trustee, property considered "necessities for modern life" will not be subject to your bankruptcy.
Chapter 7 Bankruptcy Qualifications
To be eligible, the debtor must fulfill specific requirements. You must have lived in Mississippi, for at least 90 days, and you must attend credit counseling within 180 days of filing your bankruptcy case. A means test is also required if you are meet the threshold of an above-median income debtor.
You can file for Chapter 7 bankruptcy as long as your income is below the median average for your household size in your county in Mississippi. If you have a higher income, some additional calculations will be required. The formula is straightforward, subtract expenses from monthly income; what's left is what you can afford to pay back on unsecured debt obligations. To pass a means test, you must show you have very little disposable income.
If you have specific debts or circumstances that prevent you from filing for Chapter 7 Bankruptcy, we can look at your case and advise you on other options. Even if you qualify for a Chapter 7 bankruptcy, many different factors will affect whether it is the right choice.
Our bankruptcy attorney will be able to help you navigate a declaration of Chapter 7 bankruptcy. We can help you know where you stand and get back on your feet.
Contact the Settlemires & Graham in Philadelphia, MS, if you have any questions or would like to schedule an initial consultation regarding your unique legal matter.