Consumer Bankruptcy Lawyers in Gulfport, Mississippi

Find the right Consumer Bankruptcy attorney in Gulfport, MS

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts absolved. It should normally only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Mississippi are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Gulfport, Mississippi bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Gulfport, Mississippi

In Gulfport, Mississippi, there are 2 common types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and basic personal items, like clothing. These assets are not available to creditors.

Once qualified assets are sold, and the money turned over to the creditors, most remaining debt is absolved. However, there are certain types of debt that cannot be absolved in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Gulfport, Mississippi.

Chapter 13 Bankruptcy in Gulfport, Mississippi

In Gulfport, Mississippi, Chapter 13 is very different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your individual situation. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Gulfport, Mississippi

The answer to this question depends strongly on your particular situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Gulfport, Mississippi. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Gulfport

Gulfport is located in the state of Mississippi. With a population of over 71,000, it is the co-county seat of Harrison County, alongside the city of Biloxi. The city was incorporated in 1898 and had its beginnings as a port and lumber city. It contains over 6 miles of man made white-sand beaches by the Gulf of Mexico.

Gulfport is a residential city that also boasts a strong economic center of industry. The Gulfport Main Street Association oversees the development of the downtown area. The city is home to several companies as well as the U.S. Navy Seabees. Notable residents have included NFL quarterback Brett Favre and linebacker Rod Davis.

The city's Leisure Services offer a variety of community-centered activities at its many parks and recreation centers. Other popular places to visit are the Gulf Islands Water Park and the Gulfport Sportsplex, which attracts many sports tourists. Every year the city hosts what is known as the "World's Largest Fishing Rodeo".

Gulfport has survived a great deal of damage from hurricanes, including Hurricane Camille in 1969 and more recently Hurricane Katrina. The state of Mississippi has issued a Hurricane Katrina Disaster Training Manual for those who have been affected, including Gulfport lawyers. Lawyers in Gulfport, Mississippi have contributed greatly to the rebuilding of the city.

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