FREQUENTLY ASKED QUESTIONS
: some exceptions may apply
Q: What is bankruptcy?
A: Bankruptcy is a protection... It's a legal procedure designed to help an individual
or married couple who are either approaching financial struggles or in financial trouble.
Q: What is a Chapter 7?
A: A Chapter 7 is a "Debt Liquidation". A person can file
a chapter 7--a) if they have never filed a Chapter 7 before or if its been eight years from the date they last filed a Chapter
7.
*some exception may apply
Q: What is a Chapter 13?
A: A Chapter 13 is Debt Consolidation. It is available to stop foreclosure of
your house and/or prevent repossession of your automobiles.
Q: If my house
is being foreclosed and I would like to keep my home can I file bankruptcy? A; YES, you can keep your house by filing a Chapter 13 bankruptcy.
Q: Can you explain what type
property is exempt and give examples?
A: Examples of exempt property may be either real property, such as your house, or personal property such as
your automobile, household furnishings, clothing, retirement plans, furniture and appliances that are solely owned by you.
These items of real and/or personal property are often exempt from seizure or attachment by the Chapter 7
or Chapter 13 Bankruptcy Trustee under the Mississippi Code of 1972.
Q: Can I file bankruptcy on certain debt but not all?
A: All debts have to be included in the bankruptcy, but you are permitted to reaffirm certain debts and
continue to pay that creditor.
