What Property Can I Keep When I File For Bankruptcy?
It can be hard to find hope when your savings and income cannot keep up with your family’s basic expenses and bills. For many families in Mississippi, filing for bankruptcy sets them on a path to a fresh start.
At Schneller & Lomenick, P.A., we have led individuals from all walks of life through Chapter 7 and Chapter 13 proceedings*. We understand that you may be hesitant to file because you are concerned about losing your house, car or other valuable assets to creditors.
Before you dismiss filing for bankruptcy as an option, please read this information below. Mississippi bankruptcy laws allow individuals to exempt certain types of property, allowing them to keep what is theirs after they exit proceedings. You may be entitled to retain more than you realize.
Property Shielded Under Chapter 7
Filing Chapter 7 bankruptcy allows individuals to erase unsecured debt owed to credit card companies, payday loan operators and other creditors. State exemptions also permit individuals to keep personal property worth up to $10,000.
In Mississippi, homeowners and car owners may be allowed to keep their property if:
- Their loan payments are not overdue
- Their debt is secured by a car loan or a mortgage
- The property is exempt under the state homestead exemption or personal property exemption
- They sign a “Reaffirmation Agreement” agreeing to pay off their debt
When you work with our attorneys, they will explore all options available to help you shield your possessions and property from creditors.
Property Protections Allowed Under Chapter 13
Filing Chapter 13 bankruptcy benefits individuals whose possessions do not qualify for state exemptions. This type of bankruptcy allows individuals and families to repay their loans, allowing them to keep their homes and vehicles. It also protects assets that exceed the $10,000 state personal property exemption from being seized.
Our lawyers can help you determine if this approach is the correct one for you. With our assistance, you can create a realistic payment plan that reduces your debt and improves your sense of financial security.
Wondering Which Approach Is Better For You? Get Answers Today.
Call our bankruptcy law firm and learn how you can take control over your financial future. We offer free initial consultations to all potential clients. Arrange your appointment today by calling 662-278-0584 or completing our online form. Our offices are conveniently located in Olive Branch and Holly Springs.
*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.