jlawhorn's blog

The short answer is, yes. While your monthly income may have an effect on what type of bankruptcy case you file, unemployment itself will usually not prevent you from doing so.

In a story that is sure to be overshadowed by the recent news of Detroit going bankrupt, Earl Simmons, more popularly known as DMX, has filed for Chapter 11 bankruptcy.

When someone incurs debt, it is very common to have a co-signor, or co-debtor, on that loan. If the person paying the loan defaults, the creditor can seek the balance from the primary debtor or the co-debtor. If one of the two seeks debt relief in bankruptcy, what happens to the other debtor?

The answer is usually no.  The amount that each debt is paid is determined on a case by case basis and in some circumstances, certain debts are not paid back at all. Instead, these debts are discharged upon completion of the case. There are many different factors that go into determining what debts must be paid. Let’s go over a few.

Child support, and domestic support obligations in general, are non-dischargeable. However, that does not mean that there is no relief to be had if you are experiencing financial difficulty. Child support obligations can be made easier to manage through a chapter 13 personal reorganization.

In relatively every case, the answer is no. A chapter 13 personal reorganization is a final chance for debtors to pay their debts while still retaining their property. Many times, people choose to take this action when they have fallen behind on their mortgage or car payments and are at danger of losing the property they worked so hard to acquire.

The answer is immediately – really.

Virtually every person that comes to one of our offices seeking assistance with their financial problems is concerned with the impact that a bankruptcy filing will have on their credit.  This is, of course, a valid concern.  People whom we assist have often been dealing with collectors and credit issues for quite some time.  They have put off coming to see us because of their concern about the impact that a bankruptcy filing will have on their credit.

This week, NBC News released an investigative report about the Equifax credit reporting agency. In this report, it is stated that employers disclosed employment and salary information to Equifax who in turn sold it to debt collectors and other financial institutions. It is alleged that Equifax has access to over 190 million employment files covering roughly one-third of American citizens.

Reclaiming Your Vehicle

When a creditor repossesses a vehicle, you may have an option to reclaim possession of your vehicle. While it is not the case in some states, in Mississippi you may be able to regain possession if you act quickly and are properly insured. Since every case is different, it is essential to meet with an experienced debt relief attorney as soon as possible.