Bankruptcy Law Overview Some people automatically hear the word “bankruptcy” and think that it’s bad. But, bankruptcy can be good. While bankruptcy cases have generally declined in the U.S., Mississippi has seen an 11.7% increase in total bankruptcy filings from January to September 2017 compared to the same time period the previous year. Bankruptcy is a process under federal law that allows debtors to wipe their slate clean and get a fresh financial start. It’s organized by chapters, with Chapter 7 and Chapter 13 most popular for consumer bankruptcies. With Chapter 7, often referred to as a “straight bankruptcy” or “liquidation bankruptcy,” consumers have the opportunity to discharge their unsecured debts, such as credit card debt, medical bills, and mortgage debts. Your property becomes placed under the supervision of a bankruptcy trustee once you file, who may be able to sell some of your assets to pay back your debt, but this doesn’t usually happen. In many cases, bankruptcy filers get to keep all of their property through federal or state bankruptcy exemptions. Under Chapter 13, debtors agree to pay back a portion of their debt over a period of 3 to 5 years. It’s referred to as a reorganization bankruptcy. Chapter 7 cases go much faster, typically lasting 4 to 5 months. Many people in debt opt to file Chapter 7 bankruptcy over Chapter 13, including residents of Mississippi. Cost to file chapter 7 in Mississippi The chapter 7 filing fees in Mississippi are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Where are the bankruptcy courts in Mississippi located? Before you file for bankruptcy, you’ll need to know a little bit more about what’s expected of you. You may need to show up in court to file your case or for a 341(a) Meeting of Creditors. In Mississippi, the bankruptcy courts are divided into two districts. United States Bankruptcy Court, Northern District of Mississippi There is one location for filing cases in Aberdeen, while the other two locations in the Northern District of Mississippi are for hearings only. Aberdeen: United States Bankruptcy Court, Northern District of Mississippi, Thad Cochran U.S. Courthouse, 703 Hwy 145 North, Aberdeen, MS 39730 Greenville: Federal Building, 305 Main St., Greenville, MS 38701 Oxford: Federal Building, 911 Jackson Ave., Oxford, MS 38655 United States Bankruptcy Court, Southern District of Mississippi In the Southern District of Mississippi, you also may appear at one of three locations. Hattiesburg is only for hearings. Gulfport: 2012 15th St., Suite 244, Gulfport, MS 39501 Hattiesburg: 701 Main St., Hattiesburg, MS 39401 Jackson: 501 E. Court St., Suite 2300, Jackson, MS 39201 FacebookPinTweetEmail National Bankruptcy Forum Help us match you with a local attorney Free Bankruptcy Evaluation "*" indicates required fields First Name* Last Name* Phone* Email* Δ Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Save my name, email, and website in this browser for the next time I comment. Δ
Bankruptcy Law Overview Some people automatically hear the word “bankruptcy” and think that it’s bad. But, bankruptcy can be good. While bankruptcy cases have generally declined in the U.S., Mississippi has seen an 11.7% increase in total bankruptcy filings from January to September 2017 compared to the same time period the previous year. Bankruptcy is a process under federal law that allows debtors to wipe their slate clean and get a fresh financial start. It’s organized by chapters, with Chapter 7 and Chapter 13 most popular for consumer bankruptcies. With Chapter 7, often referred to as a “straight bankruptcy” or “liquidation bankruptcy,” consumers have the opportunity to discharge their unsecured debts, such as credit card debt, medical bills, and mortgage debts. Your property becomes placed under the supervision of a bankruptcy trustee once you file, who may be able to sell some of your assets to pay back your debt, but this doesn’t usually happen. In many cases, bankruptcy filers get to keep all of their property through federal or state bankruptcy exemptions. Under Chapter 13, debtors agree to pay back a portion of their debt over a period of 3 to 5 years. It’s referred to as a reorganization bankruptcy. Chapter 7 cases go much faster, typically lasting 4 to 5 months. Many people in debt opt to file Chapter 7 bankruptcy over Chapter 13, including residents of Mississippi. Cost to file chapter 7 in Mississippi The chapter 7 filing fees in Mississippi are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Where are the bankruptcy courts in Mississippi located? Before you file for bankruptcy, you’ll need to know a little bit more about what’s expected of you. You may need to show up in court to file your case or for a 341(a) Meeting of Creditors. In Mississippi, the bankruptcy courts are divided into two districts. United States Bankruptcy Court, Northern District of Mississippi There is one location for filing cases in Aberdeen, while the other two locations in the Northern District of Mississippi are for hearings only. Aberdeen: United States Bankruptcy Court, Northern District of Mississippi, Thad Cochran U.S. Courthouse, 703 Hwy 145 North, Aberdeen, MS 39730 Greenville: Federal Building, 305 Main St., Greenville, MS 38701 Oxford: Federal Building, 911 Jackson Ave., Oxford, MS 38655 United States Bankruptcy Court, Southern District of Mississippi In the Southern District of Mississippi, you also may appear at one of three locations. Hattiesburg is only for hearings. Gulfport: 2012 15th St., Suite 244, Gulfport, MS 39501 Hattiesburg: 701 Main St., Hattiesburg, MS 39401 Jackson: 501 E. Court St., Suite 2300, Jackson, MS 39201