Bankruptcy Law
BANKRUPTCY LAW
Busching Bankruptcy Group
Bankruptcy Attorneys in Mississippi
Bankruptcy can be a complex process, and the average person probably isn’t equipped to go it alone. Working with a bankruptcy attorney can help ensure your bankruptcy goes as smoothly as possible and complies with all the applicable rules and regulations governing bankruptcy proceedings.
Most people filing bankruptcy will want to file under either Chapter 7 or Chapter 13. Either type of case can be filed individually or by a married couple filing jointly.
Types of Bankruptcy
What is Bankruptcy?
Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan.
Chapter 7
In a bankruptcy case filed under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out or discharge your debts in exchange for giving up your non-exempt property to your creditors.
Chapter 13
In a chapter 13 case you file a “plan” showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property – especially your home and car – which might otherwise be lost.
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