Filing Bankruptcy Laws In Mississippi
Posted by Lacey
The 2005 Bankruptcy Act for filing personal bankruptcy is followed in the state of Mississippi. This Act requires all individual debtors who file for bankruptcy on or after October 17, 2005 to undergo credit counseling within six months before filing for bankruptcy relief as well as completing a financial management instructional course after filing bankruptcy. In addition, a “means test” is conducted that takes a look at your average income for the six months prior to filing and compares it to the median income for the state of Mississippi.
For example, if you choose to file for Chapter 7 and your income is below the median then you may choose Chapter 7 filing which allows you to wipe out your unsecured debts such as medical and credit card bills. Or if your income exceeds the median then you must file Chapter 13 which is based on a payment plan for paying back your unsecured debts.
When you file for bankruptcy you will need to file in one of several District Courts located throughout the state of Mississippi. The Northern District Court locations are in Aberdeen, Greenville and Oxford. The Southern District Court locations are in Biloxi, Gulfport, Hattiesburg, Jackson, Meriden, Natchez and Vicksburg. The cost for filing Chapter 7 bankruptcy is $274 and may be waived or you may be able to pay the amount in installments. The fee for filing Chapter 13 bankruptcy is $189 and can not be waived.
Married couples filing jointly can claim a full set of exemptions or protection of their assets from their creditors. You also have the choice of using certain federal exemptions in addition to your Mississippi exemptions. Some of the exemptions allowed in Mississippi are for property occupied by you unless you are over 60 and married or widowed up to $75,000. This property cannot exceed 160 acres and any sales proceeds of this property are exempt. You are also allowed to file a homestead declaration. In addition, any type of tangible personal property is exempt up to $10,000 along with personal injury judgments. For more information on exemptions in Mississippi visit http://www.mississippibankruptcylaw.com/exemptions.html
It is important to know that certain debts that you owe may not be erased entirely. We suggest that you contact a bankruptcy attorney to see if this is the right choice for you.
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