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Bankruptcy in Mississippi

Who Can File Bankruptcy in Mississippi?

In order to file bankruptcy in the State of Mississippi, you must:

-Reside or work in the State of Mississippi

-Have not filed for bankruptcy within six years

-Participate in a federally approved credit counseling course

What Do I Need To Know Before Filing For Bankruptcy in Mississippi?

Prior to filing for bankruptcy you will need to do two things.  The first is to determine whether or not you are eligible for Chapter 7 bankruptcy relief, or if you will be filing for Chapter 13 bankruptcy relief.  In order to determine this, you will need to undergo a means test.  A means test is a simple way of determining your actual ability to repay your debts.  This is done by comparing your income to the average income in your area.  If your income is below average than it is determined that you legitimately could not pay your debts, and you are eligible for Chapter 7 bankruptcy.

The second step will be to sign up for a credit counseling course.  Not all credit counseling courses have been approved for use in a bankruptcy case.  Be sure the course you sign up for has been approved by the courts otherwise you may find yourself taking a new course.

What Type of Debts Can Be Discharged As Part of a Bankruptcy Proceeding in Mississippi?

There are two types of debts which are addressed as part of a bankruptcy case.  The first type is a secured debt.  Secured debts are debts which utilize collateral to ensure payment of the debt.  These debts can not be discharged as the result of a bankruptcy.  The second type is an unsecured debt.  These debts do not utilize physical collateral, and can be discharged as part of a bankruptcy.

Will I lose my house and car if I file for bankruptcy in Mississippi?

In order to safeguard your assets such as a home or vehicle, these assets will need to be covered under the Mississippi property exemption laws.  The current property exemption laws in the State of Mississippi are as follows:

-Homestead exemption of up to $75,000 in real estate

-Up to $10,000 of personal property including household furnishings and apparel with no single item having a value of more than $200

 

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