How to File for Bankruptcy in Mississippi
It’s essential for anyone intending to file for bankruptcy in Mississippi to become familiar with the federal requirements for the process. Most of the steps of filing for bankruptcy in the state of Mississippi are identical to the steps that debtors must take in all other states. In addition, taking time to learn about the local rules and requirements that people filing in Mississippi must follow is also important. It will be necessary to determine which form of bankruptcy is ideal for your situation before filing any paperwork with the court. This usually means filing to obtain a discharge of debts under Chapter 7 bankruptcy for most people. However, some people with the means to pay back debts over time will need to file for Chapter 13 bankruptcy. Fishermen and farmers are eligible for a special category of bankruptcy called Chapter 12 bankruptcy. In addition, Chapter 11 bankruptcy could be an option for people with very large amounts of debt or business debt. The type of bankruptcy that you are able to file for is ultimately determined by a means test that is administered by the court. This test requires a debtor to supply detailed information regarding assets, liabilities and more.
Key Steps in the Bankruptcy Process in Mississippi
The bankruptcy process formally begins when a debtor files a petition with the court. The act of filing a bankruptcy petition actually sets off what is known as an automatic stay. An automatic stay prevents all creditors from attempting to contact a debtor or collect debts. However, it is important for a debtor to prepare to file for bankruptcy long before it’s time to file a petition with the court. It is actually necessary to complete a credit counseling course at some point during the six months leading up to filing a petition with the court. This course must be taken through an agency that is approved in the state of Mississippi. A list of approved course providers can be accessed here. It is also necessary to complete a debtor education course during the bankruptcy process. A list of approved providers for this course can be accessed here. Another key requirement in the bankruptcy process in Mississippi is attendance at a meeting of creditors. Creditors are given an opportunity to try to uncover any nonexempt assets that a debtor may possess during this meeting. In addition, creditors can also challenge aspects of a payment plan that has been drawn up under a Chapter 13 case.
A Closer Look at Mississippi’s Bankruptcy Court
Mississippi’s bankruptcy court is divided between the United States Bankruptcy Court for the Northern District of Mississippi and the United States Bankruptcy Court for the Southern District of Mississippi. The United States Bankruptcy Court for the Northern District of Mississippi has locations in Aberdeen, Oxford and Greenville. The United States Bankruptcy Court for the Southern District of Mississippi has locations in Jackson, Gulfport and Hattiesburg. The cost to file for Chapter 7 bankruptcy in Mississippi is $335. The cost to file for Chapter 13 bankruptcy in Mississippi is $310. A complete list of the fees that can be anticipated when filing for any form of bankruptcy in Mississippi can be found here. The forms that can be used when filing for bankruptcy in Mississippi can be found here.
It is recommended that anyone filing for bankruptcy in Mississippi or any state seek the guidance of a lawyer before filing any formal paperwork with the court. The process of filing for bankruptcy can be quite complicated. Using proper legal assistance may help a debtor to avoid complications, delays and extra fees.