Best Bankruptcy Attorneys in Jackson

Frequently Asked Questions

• Where do I file for bankruptcy in Jackson, Mississippi?

  You can file for bankruptcy in Jackson in the United States Bankruptcy Court Southern District of Mississippi, at Thad Cochran United States Courthouse, 501 E. Court St., Ste 2.300, Jackson, MS 39201.

• Where can I get bankruptcy forms in Jackson, Mississippi?

  Bankruptcy forms can be downloaded from the United States Bankruptcy Court Southern District of Mississippi website at https://www.mssb.uscourts.gov/bankruptcy-formsfees.

• What factors should be considered when deciding between chapter 7 and 13 bankruptcy in Jackson?

  In Jackson, deciding between chapter 7 and 13 bankruptcy depends on various factors, such as income, assets, debts, and financial objectives. Chapter 7 bankruptcy, intended for individuals with limited income and minimal assets, eliminates unsecured debts like medical bills and credit card debts. Conversely, chapter 13 bankruptcy, known as reorganization bankruptcy, enables individuals to retain all their property, including nonexempt assets while repaying a portion or all of their debts through a repayment plan.

• How long must an individual reside in Jackson to be eligible to file for bankruptcy?

  An individual must be a resident of Jackson for at least 180 days to file for bankruptcy. To avail of bankruptcy exemptions, they must have lived in the state for 730 days pre-filing, as per 11 U.S.C. § 522(b)(3)(A). If their move to Mississippi was less than 730 days before filing, exemptions from the state they resided most in during the 180 days before the 730-day pre-filing period will apply.

• What are some of the key bankruptcy exemptions available to citizens of Jackson?

  Jackson residents filing for bankruptcy can access several exemptions. They may protect personal belongings up to a cumulative worth of $10,000 or $20,000 for married couples filing jointly. All retirement and pension accounts are entirely safeguarded. Homeowners can also exempt home equity up to $75,000. Given the variety of Mississippi and Federal non-bankruptcy exemptions, consulting a proficient bankruptcy lawyer is advised to comprehend what assets are secured fully.

• What are the implications for a co-signer when the primary borrower in Jackson declares bankruptcy?

  When a primary borrower in Jackson declares bankruptcy, the co-signer might bear the burden of repaying the debt. Financial establishments, including banks and finance companies, usually don't relieve co-signers from their loan commitments, making them responsible if the original borrower discontinues payments. This ensures that they have a secondary party to recover the funds from.

• Are individuals filing chapter 7 bankruptcy in Jackson required to sell their assets?

  No, filing for chapter 7 bankruptcy in Jackson does not invariably require the disposal of assets. While non-exempt assets may be liquidated to repay creditors, state and federal exemptions often safeguard personal property, including home equity. Thus, most chapter 7 filers don't lose assets. In rare instances where sizable non-exempt assets exist, considering chapter 13 bankruptcy might be advisable. Consulting a legal expert is recommended for personalized guidance.