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Bankruptcy Laws in Mississippi | Chapter 7 Lawyers & 13 Attorneys
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Mississippi Bankruptcy Laws

Mississippi bankruptcy laws on bankruptcy follows the tile 11 chapters under the United States code and also makes use of the state statutes as allowed by the federal government. Residents of Mississippi who are unable to meet their payments can file a bankruptcy petition that will protect their assets from creditor credit collection. The creditors too have been provided with the means to an appeal a case in regards to bankruptcy and deny the debtor protection through the courts depending on the conditions surrounding the case. This means that when the case is presented in the courts the debtor needs services of a talented attorney to present their cases.


Mississippi Bankruptcy Exemptions:

In the sate of Mississippi, you are allowed to keep some of your items including but not limited to retirement benefits, insurance proceeds, and life insurance. An experienced lawyer may be able to include other items when conducting the 341 meeting.

 

Mississippi Chapter 7 Bankruptcy Laws:

The exceptions that are allowed in Mississippi follow the case classification. The cases that are classified under personal bankruptcy under Mississippi chapter 7 bankruptcy laws can include exemptions that are provided by the state as well as the federal government, but its only applicable if the debtor passes the means test that compares the debtor’s annual income with the median income of the state of Mississippi. The debtors must pass a means test to qualify for all the  chapter 7 requirements.

 

Mississippi Chapter 11 Bankruptcy Laws:

Chapter13 bankruptcy laws are applied to businesses and home owners who can reorganize the payment plan such that they can clear their credits over a period of over 3 years. According to bankruptcy laws in Mississippi, local court usually put in place a plan and limit creditors to the number of items been liquidated to repay debts.

Some of the laws that one should be informed about while placing a bankruptcy petition in Mississippi include the 341 meeting. This is a meeting with creditors where the bankruptcy proceeding s are assessed and approved by the court, this meeting is conducted between the 20th and 40th day after the court has approved the bankruptcy petition. After the hearing of the case, the creditors have a 60 days period during which they can appeal for a second hearing. The laws in Mississippi thus call for hiring a good and attentive attorney that will secure the case beyond reproach.

 

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