‘What Can I Keep After Bankruptcy?’ — Understanding Exemptions
For debtors in Mississippi filing bankruptcy, the state exemptions rather than federal exemptions will apply in most cases. “Exemptions” refers to the assets that a filer may keep regardless of the bankruptcy. Mississippi exemptions include:
- $75,000 homestead exemption
- $10,000 personal property
- Most retirement benefits
These amounts double when married couples file bankruptcy together.
For many people, these exemptions are sufficient to allow them to keep most or all of their assets. It is important to work with a debt relief attorney who will help you apply this and other aspects of bankruptcy to your greatest benefit.
‘What Benefits Will I Receive By Filing Bankruptcy?’ Is An Even More Important Question
Some people in serious need of bankruptcy postpone the decision out of fear that they will have to sell favorite assets such as a boat or jewelry. The longer you wait to file bankruptcy when you are drowning in debt, the greater your risk of falling into more serious trouble through wage garnishment, a bank account levy and other heavy consequences. At Walsh Law Firm, P.L.L.C., we are prepared to help you make an expeditious, wise decision and take action in a timely manner.
We urge potential clients not to ask, “What might I lose by filing bankruptcy?” but rather, “What am I already losing by not filing bankruptcy yet?” A careful evaluation of your case will help you answer the right questions in the right way for your situation.
Is Bankruptcy The Right Path To Debt Relief For You?
Chapter 7 or Chapter 13 bankruptcy can help you get a fresh start. We look forward to the opportunity to explain the necessary processes, including how to protect your assets through the use of bankruptcy exemptions. Call 662-205-6546 or 800-564-5419 (toll free) to schedule a free initial consultation with a Mississippi bankruptcy lawyer.
We are a debt relief agency helping people file bankruptcy under the Bankruptcy Code.