Are you struggling with overwhelming debt but have a steady income? Chapter 13 bankruptcy may provide the path to financial freedom you need. At Ware Law Firm in Magee, MS, our experienced Mississippi bankruptcy attorneys help hardworking individuals and families restructure their debt through Chapter 13 bankruptcy protection, allowing them to keep their assets while working toward a debt-free future.
Filing Chapter 13 Bankruptcy in Mississippi
Chapter 13 bankruptcy, often called a “wage earner’s plan,” enables individuals with regular income to develop a plan to repay all or part of their debts over three to five years. Unlike Chapter 7 bankruptcy, Chapter 13 allows you to keep your property while restructuring your debts into an affordable monthly payment plan.
Key Benefits of Chapter 13 Bankruptcy
- Keep Your Property: Maintain ownership of your home, car, and other assets while catching up on missed payments.
- Stop Foreclosure: Immediately halt foreclosure proceedings and create a plan to get current on mortgage payments.
- Consolidate Debt: Combine various debts into a single, manageable monthly payment.
- Protection from Creditors: End harassing collection calls and prevent creditors from taking legal action.
- Flexible Repayment: Create a 3-5 year repayment plan based on what you can afford.
- Interest Rate Reduction: Potentially reduce interest rates on certain debts.
- Second Mortgage Elimination: Possibility of stripping off second mortgages in some cases.
- Tax Debt Resolution: Address certain tax obligations through the repayment plan.
Who Qualifies for Chapter 13 Bankruptcy in Mississippi?
To qualify for Chapter 13 bankruptcy protection in Mississippi, you must:
- Have regular income sufficient to make monthly plan payments.
- Have unsecured debts less than $419,275.
- Have secured debts less than $1,257,850.
- Be current on tax filings.
- Complete credit counseling from an approved agency.
- Not have had a bankruptcy petition dismissed in the last 180 days.
The Chapter 13 Bankruptcy Process
1. Initial Consultation
Meet with our experienced bankruptcy attorneys to review your financial situation and determine if Chapter 13 is right for you.
2. Credit Counseling
Complete the required pre-filing credit counseling course from an approved agency.
3. Preparing Your Petition
Our team will help you gather all necessary documentation and prepare your bankruptcy petition, including:
- Complete list of creditors and debts.
- Income verification.
- Asset inventory.
- Monthly expenses.
- Tax returns.
- Pay stubs.
4. Filing the Petition
Once your petition is complete, we’ll file it with the bankruptcy court, triggering the automatic stay that stops all collection activities.
5. Meeting of Creditors
Attend the required 341 meeting with the trustee and any creditors who choose to appear.
6. Confirmation Hearing
The court will review your proposed repayment plan and, if approved, confirm it.
7. Plan Implementation
Begin making monthly payments to the trustee, who distributes funds to your creditors according to the approved plan.
Why Choose Ware Law Firm for Your Chapter 13 Bankruptcy?
Our Mississippi bankruptcy attorneys bring decades of combined experience helping clients successfully navigate Chapter 13 bankruptcy.
- Personalized Attention: Every case receives individual focus from our experienced attorneys.
- Clear Communication: We explain complex bankruptcy laws in straightforward terms.
- Strategic Guidance: Development of repayment plans tailored to your specific situation.
- Comprehensive Support: Assistance throughout the entire bankruptcy process.
- Aggressive Advocacy: Protection of your rights against creditors and collection agencies.
- Affordable Solutions: Reasonable fees and payment plans available.
Contact Our Mississippi Chapter 13 Bankruptcy Attorneys
Don’t let overwhelming debt control your life. Take the first step toward financial freedom by scheduling a consultation with our experienced bankruptcy attorneys.
Call us today or complete our online contact form to schedule your confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
