Mississippi Bankruptcy Lawyers, Debt Relief

Find a Bankruptcy Lawyer in Mississippi with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Mississippi bankruptcy provides troubled debtors with a fresh start because bankruptcy protects consumers against lawsuit from creditors. However, the bankruptcy protection isn't extended until you undergo the mandatory credit counseling and file your bankruptcy with the courts. Until then, credit card debt creditors can still continue to collect on the debts, and your lender can still proceed with the foreclosure if you're behind on your mortgage. And, if you don’t go through the mandatory credit counseling, your bankruptcy case can be dismissed forcing you to go through the expense and trouble of having to re-file.

How can I save my house from foreclosure?
A Chapter 7 bankruptcy filing will temporarily halt foreclosure action in most cases. But, a chapter 13 bankruptcy is the best option to save your home from foreclosure as long as you file a chapter 13 bankruptcy petition prior to the sale of your home.

Avoiding Bankruptcy
The Bankruptcy Abuse Prevention and Consumer Protection Act, which was signed into law in October 2005, made significant changes to Mississippi chapter 7 bankruptcy laws and Mississippi chapter 13 bankruptcy laws. Now, it's much more expensive and time-consuming to file for bankruptcy, and the protections afforded under the law are not as extensive as they once were. This is why it's best to try other options before filing for bankruptcy.

Two effective bankruptcy alternatives are loan modification and debt settlement. Loan modification involves negotiating with your mortgage lender for changes to the rates and terms on your mortgage loan that make it more affordable to you. This will allow you to stay in the loan instead of losing your house to foreclosure. Debt settlement involves getting creditors to settle for less than what you owe them. Once creditors and mortgage lenders know you are facing bankruptcy, they may be surprisingly open to negotiation because it's better for them to settle for less than what you owe than to end up having to take heavy losses when you file for bankruptcy. Mississippi bankruptcy lawyers can discuss your options with you and help you determine which is best for your situation.