Mississippi Bankruptcy Lawyer - Bankruptcy Attorney

Chapter 7

In Chapter 7 bankruptcy, your nonexempt property may be sold by an appointed trustee, who then makes partial payments to your creditors. You have the right to retain at least a partial interest in certain assets, such as your residence, car, clothing, household appliances and furnishings, life insurance, pensions and tools of your trade. In most cases, you may not have to give up any of your personal property. You may usually choose either the exemptions provided for in the Bankruptcy Code or those allowed under your state law, whichever is most beneficial. Creditors do retain the right to any collateral you have pledged to secure a loan.

The first step in bankruptcy is to file a petition and schedules at the clerk’s office of the federal bankruptcy court. Your petition must include a list of all creditors, the sources of your income, a list of all real and personal property, and a detailed list of your living expenses. Some of the documents you will need include the following:

Deeds, mortgages, contracts on your home and mortgage statements.

Any papers relating to past bankruptcies.

Copies of tax returns for the past two years.

All legal papers, summonses, complaints and notices of attachment, execution or garnishment.

Credit card bills, medical bills and any other documents regarding outstanding debt.

Statements and passbooks for savings and checking accounts for the past year.

Student loan papers.

You can obtain the forms to file for bankruptcy from the court clerk. You’ll find the number of the local bankruptcy court in the federal government listings in the white pages of your phone book. You must pay the appropriate fee at the time you file your petition. Under certain circumstances, the court may allow you to pay the fee in installments. A few courts permit the fee to be waived if you are indigent.

In all but the most basic of cases, it is usually advisable to hire an attorney. Fees may range from $400 to $1,000 or more, depending on the complexity of your case. Be sure to discuss attorney fees up front and ask whether you can pay in installments.

In a straightforward proceeding, the entire procedure usually takes four to six months. You can file for Chapter 7 bankruptcy only once every six years, and notice of the filing will usually remain on your credit report for up to 10 years. Also note that, although your debt may be discharged, anyone who has co-signed a loan with you will remain responsible even after your bankruptcy.

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