Frequently Asked Questions

Get Answers From a Southaven Bankruptcy Attorney

Bankruptcy can be a daunting process and we understand that you might have trepidations. This is why our Southaven bankruptcy attorney has outlined some of the most frequently asked questions about bankruptcy. Having knowledge about the situation can put your mind at ease and help you through this situation. Contact us at any time if you have more questions!

Is Bankruptcy the Right Option for Me?

Many people are hesitant to consider the option of bankruptcy because of the perceived negatives that come with it. While it is true that your credit may suffer and the bankruptcy will stay on your credit report for 10 years, there are also numerous benefits, such as ending creditor harassment, preventing foreclosure, and more. And, of course, one of the most significant benefits is having a fresh financial start in your life!

What is the Difference Between Chapter 13 and Chapter 7 Bankruptcy?

Chapter 13 bankruptcy is a reorganization of debt while Chapter 7 deals with liquidation to settle debt. Chapter 13 is for those who have enough recurring disposable income to pay off reorganized debts over a three to five year period. Chapter 7 liquidates your non-exempt property in order to get debts discharged.

Is There Any Way to Stop Foreclosure on My House?

Yes, bankruptcy can effectively stop foreclosure on your house. When you go into bankruptcy, something called an automatic stay is put on your assets. This will stop foreclosure and give you a chance to save your home.

Are Creditors Allowed to Harass Me?

Much of what creditors do actually crosses the line of legality, though they may claim otherwise. If you suspect that creditor activity is verging on inappropriate or threatening, we encourage you to get in touch with our Southaven bankruptcy attorney.

Will Bankruptcy Ruin My Credit Forever?

Contrary to popular belief, bankruptcy can fix your credit. While the repair may not be immediate, by getting overwhelming debt off your record, you can start to rebuild positive credit again. Talk to Boyd Law Office today to see how it can affect you. Fill out a free case evaluation with details of your situation.

For more information on how our team at Boyd Law Office can help you, call us at (662) 332-0202 today!

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