If you are a homeowner or business owner in Mississippi who is struggling to stay afloat because of a financial crisis, you are not alone. In recent years, many people have experienced economic distress. The good news is that filing for bankruptcy is often a viable option that not only results in debt relief but can also help get finances back on track.
When liabilities greatly exceed assets, a financial crisis hits. In some cases, this might be resolvable by adjusting spending habits or finding a way to generate supplemental income to pay off debts. In some situations, however, even the best efforts are not enough to restore financial solvency, which is when it is helpful to consider filing for bankruptcy.
Explore your options
There are several types of bankruptcy, and each carries its own eligibility requirements. If you want to file a petition, you must first make sure you meet those requirements. For instance, to qualify for Chapter 7 bankruptcy, which typically involves the liquidation of assets, your income must be at or below the median level for your state.
Bankruptcy helps many business owners and homeowners
Filing for bankruptcy has kept many Mississippi residents from losing their homes. Many business owners, also, have been able to keep their doors open while restructuring their payment plans to continue to pay off debt. At Walsh Law Firm, you will find a dedicated team of experienced attorneys who can review your case and make recommendations as to which type of bankruptcy might be the best option for you.