What is Chapter 13 Bankruptcy in Hattiesburg MS?

What is Chapter 13 Bankruptcy in Hattiesburg MS?

Filing for bankruptcy can be a confusing and tumultuous experience. After you have had your initial consultation with a reputable bankruptcy lawyer and hired the one who is the best fit to represent your case, you will be faced with the decision of what chapter of bankruptcy you should file.

A popular option is Chapter 13 Hattiesburg MS. Filing Chapter 13 bankruptcy is so common because it allows you to keep most, if not all, of your personal property and possessions. This is possible because you will have the court approve a repayment plan for a portion of your debt over a period of time between 3 and 5 years.

Chapter 13 Hattiesburg MS can also allow you to save your home from foreclosure if you have gotten far behind on your payments. It is very important if you are facing foreclosure, and wish to keep your home, that you contact an experienced bankruptcy lawyer as soon as possible. There are time limits relating to your bankruptcy filing that you will have meet in order to keep ownership of your possessions and roll them into your repayment plan.

In order to get your repayment plan for Chapter 13 Hattiesburg MS approved by a court, you will have to have your income inspected to prove that you qualify for this chapter of bankruptcy and can meet the obligations that you are agreeing to. Most courts are not specific about where the debtor receives the income from and will even approve repayment plans that include retirement income, disability payments, or child support and alimony as legitimate sources of income.

Filing Chapter 13 Hattiesburg MS can also allow you to include debt owed to the IRS for back taxes in your bankruptcy repayment plan. Other common types of debt that are eligible to be included in your Chapter 13 Hattiesburg MS are student loan payments, child support arrears, and other types of secured and unsecured debt. Many of these are not eligible to be included in a Chapter 7 bankruptcy.

In order to make the best decision about whether you should file for Chapter 13 Hattiesburg MS, always consult a bankruptcy lawyer. They will be able to advise you of the latest changes and information pertaining to the bankruptcy laws and make sure that your bankruptcy is not rejected over a simple mistake.

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