Bankruptcy Attorneys Serving Mississippi
The Oxford bankruptcy lawyers at Roberts Wilson, P.A. are passionate about helping people move forward with their lives. If you are facing the prospect of bankruptcy, you have come to the right place.
Our clients are our neighbors and community members. We take personal pride in helping people not only resolve their legal and financial issues but also recover their lives. From your first contact with our firm, we will manage your case with the highest levels of quality, professionalism, and compassion.
We are a Mississippi firm that insists on giving every client respect and personal attention. We have found time and again that unwavering dedication to our clients is a recipe for success.
If you need help with bankruptcy or want to discuss your rights and options, call Roberts Wilson, P.A. at (662) 533-9111 today. We help people in Oxford, Southaven, Batesville, Pontotoc, Desoto & Tate counties, and other areas throughout Mississippi and beyond.
How Our Experienced, Caring Lawyers Can Help You
Filing for bankruptcy can be an emotional, complex experience. In most cases, it is almost always in your best interest to hire a bankruptcy lawyer to help you navigate the process.
When you choose the Oxford bankruptcy attorneys at Roberts Wilson, P.A., you can expect honesty, compassion, and a depth of knowledge in these often-complicated claims.
Bankruptcy is a federal court process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. Although bankruptcy cases are filed in the United States Bankruptcy Court, they depend heavily on local and state laws. You need an attorney on your side who understands all of the laws and issues involved in your matter.
When representing our clients in matters of bankruptcy, our lawyers can:
- Review the facts in your case
- Explain your legal options, including whether you should file Chapter 7 or Chapter 13 bankruptcy
- Ensure that your filing is done correctly and thoroughly
- Work to protect your home and vehicle from foreclosure or repossession
- Help you move forward with your life with confidence and a fresh start
When dealing with your financial standing and your future, you don’t want to leave anything to chance. Our attorneys will work diligently on your behalf to ensure that your rights and best interests are protected. You risk nothing by simply discussing your situation with one of our attorneys. We offer free consultations to clients in these situations, and you are under no obligation to hire us after your initial consult. We know what a difficult time this may be for you and your family. We are here to help you get through the process with dignity and peace of mind.
What Is Chapter 7 Bankruptcy In Mississippi?
Chapter 7 bankruptcy, also referred to as “liquidation” bankruptcy or “straight” bankruptcy, is intended to provide those who file with a fresh start by eliminating various types of debt. Under Chapter 7, trustees cancel many (or all ) of a debtor’s debts and may sell the debtor’s property to repay creditors.
Generally, the Chapter 7 Bankruptcy process:
- Costs $338 in filing and administrative fees ($245 filing fee, $78 administrative fee + $15 trustee surcharge). Those below 150% of Mississippi poverty guidelines may be eligible to have these filing fees waived.
- Takes approximately four to five months to complete
- Generally requires a visit to the courthouse to meet with the bankruptcy trustee
- Requires credit counseling with an agency approved by the United States Trustee
At the end of the bankruptcy process, your debts will be discharged by the court, with the exception of:
- Debts that automatically survive bankruptcy, such as student loans, most tax debts, criminal fines, and child support
- Debts that are declared nondischargeable by the court due to a creditor’s objection, such as a debt incurred by a fraudulent or malicious act
Filing for Chapter 7 bankruptcy triggers an “automatic stay.” This means that creditors are immediately prohibited from trying to collect past debt from you. They may not garnish your wages or pursue your property to pay the debt. Debtors are rarely required to surrender property unless it is collateral for a “secured debt” (property that is pledged as collateral for a loan). Vehicles and houses are the most common types of this kind of collateral.
When you file Chapter 7 bankruptcy, you are essentially placing your debts and property into the hands of the bankruptcy court. You may not give away or sell any property or pay off pre-filing debts without the court’s consent. However, with certain exceptions, you are free to do as you please with the income you earn and the property you acquire after you file for bankruptcy.
Our Chapter 7 bankruptcy attorneys in Oxford can review the facts in your situation and explain your options and what to expect.
You may not be able to use Chapter 7 bankruptcy if:
- You have already received a bankruptcy discharge in the last six to eight years (depending on the type of bankruptcy you filed).
- You could realistically complete a Chapter 13 repayment plan, based on your debt burden, expenses, and income.
If you are considering filing for Chapter 7, the Oxford bankruptcy lawyers at Roberts Wilson, P.A. can help. We can explain your rights and eligibility requirements.
Benefits of Filing Chapter 7 Bankruptcy
Why file Chapter 7 bankruptcy? Filing Chapter 7 offers a number of benefits, including:
You Can Eliminate Debt
When you file Chapter 7, certain debts are eliminated completely, without payment to creditors. These types of debt include:
- Medical bills
- Utility bills
- Foreclosure deficiencies
- Pay-day loans
- Credit cards
You Can Stop Creditor Harassment
It can feel overwhelming when aggressive creditors routinely call your home and place of employment. It can feel even more frustrating when they reach out to your friends and family members.
When you hire the Oxford bankruptcy lawyers at Roberts Wilson P.A., we will work to end creditor harassment right away! In some cases, creditor harassment may violate the Fair Debt Collection Practices Act (FDCPA).
You Can Stop Garnishments
If creditors are currently garnishing your wages – or threatening to garnish your pay – Chapter 7 bankruptcy can end garnishments in most cases and help you keep the money you earn. Our attorneys can help you stop the garnishments and put your hard-earned income to better use.
You Can Prevent Utility Shutoffs
If you fear that your utility services may be shut off because of unpaid bills, Chapter 7 bankruptcy may help you continue your services. Under federal law, utility companies cannot disconnect, refuse, or change your service if you file bankruptcy.
Examples of utilities that can be protected through bankruptcy include services such as:
You Can Keep Your Home and Vehicle
In addition to eliminating your debts and ending harassment, Chapter 7 can protect your assets. In most cases, you will be able to keep your home and car after filing for bankruptcy, allowing you to get a fresh start.
What Is Chapter 13 Bankruptcy In Mississippi?
Chapter 13 bankruptcy, or “wage earner’s bankruptcy”, allows debtors with steady incomes to pay all or part of their debts over a period of time, usually three years (but can be as long as five). It is usually filed by people who are past due on their home mortgage or car payments.
Generally, the Chapter 13 bankruptcy process:
- Costs $313 in filing and administrative fees ($235 filing fee + $78 administrative fee). These fees cannot be waived.
- Allows debtors to retain their property and pay debts over time, usually three to five years
- Must be filed with the appropriate Mississippi district bankruptcy court
- Requires submission of a proposed repayment plan. Depending on the details and judgments of your situation, unsecured debts could be paid off for only 10 cents on the dollar.
- Requires credit counseling before filing bankruptcy and the completion of a financial management instructional course after bankruptcy has been filed
To qualify for Chapter 13, you must have less than $750,000 in secured debts and less than $250,000 in unsecured debts. Those with higher debts must file under Chapter 7 or, in some cases, Chapter 11. The process can be confusing. Our Oxford bankruptcy lawyers will evaluate the facts in your situation and explain your rights and options.
Benefits of Filing Chapter 13 Bankruptcy
If you are facing financial trouble, there are numerous benefits to filing Chapter 13 in Mississippi, such as:
You Can Consolidate Debt Into One Affordable Payment
Chapter 13 is similar to a Debt Consolidation Plan, but with the following exceptions:
- You do not generally have to pay back all of your debts
- Your creditors must accept your Chapter 13 Bankruptcy Plan if it complies with the Bankruptcy Code
- You only make one monthly payment to the Chapter 13 Bankruptcy Trustee and he or she disperses payments to your creditors
In most cases of Chapter 13 bankruptcy, debtors are only required to pay back a small percentage of their unsecured debts – often as low as 1% – without additional interest or penalties. For example, if you had $100,000 in credit card debt, a Chapter 13 Bankruptcy Plan of 1% would require you to pay $1,000 of that debt over a period of three to five years. Once that amount is paid, the debt goes away.
You Can Keep Your Home and Car
Even if you are far behind on your mortgage or car payments, filing Chapter 13 can help you keep your home and car. This is true even if your car has been repossessed or a foreclosure complaint has been filed and your home is about to be sold. Our Oxford bankruptcy lawyers will work to ensure you can keep your car and home.
You Can Convert to Chapter 7 Bankruptcy at a Later Time
When you file Chapter 13, you don’t necessarily have to remain in it for the duration of the three to five-year period. You can voluntarily dismiss your case at any time. In addition, if you qualify for Chapter 7 bankruptcy, you have the right to convert your case to Chapter 7. This can help some people who only have short-term financial issues. If you expect to incur significant medical expenses in the future, for example, the right to convert may be beneficial to you.
Your Credit Will Begin to Rebuild While Your Chapter 13 Case is Pending
Creditors often consider Chapter 13 bankruptcies more favorably because, unlike with Chapter 7, debtors do pay something back – even if only a small amount. As long as you remain vigilant with your bankruptcy plan payments, your credit score will improve while your case is pending. In some cases, someone’s credit could even rise so much that a lender may agree to loan them money to pay off their bankruptcy plan early.
Chapter 13 Stays on Your Credit 7 Years – Chapter 7 Lasts 10 Years
While Chapter 7 bankruptcy stays on your credit for 10 years, Chapter 13 cases only remain on your credit report for 7 Years. Because of this, Chapter 13 bankruptcy can restore credit scores more quickly than Chapter 7.
Why Choose a Bankruptcy Attorney at Roberts Wilson, P.A.?
At Roberts Wilson, P.A., we know that everyone occasionally falls on hard times. Filing for bankruptcy can be emotionally difficult; you don’t need to face the process alone. Our Chapter 13 bankruptcy attorneys take pride in looking out for our Oxford neighbors. We will make sure you have experienced, caring counsel on your side through every step of your bankruptcy, so you can focus on a fresh start and a secure future.
If you are thinking about filing for bankruptcy, you need to understand your rights. Our bankruptcy attorneys have extensive knowledge in these complex matters and will put that knowledge to work for you. You deserve a fresh start. We’re here to help.
Contact us today online or at (662) 533-9111 to discuss your situation for free. We help our neighbors in Oxford, Southaven, Batesville, Pontotoc, Desoto & Tate counties, and other areas throughout Mississippi and beyond.