You don’t know what you are going to do about the bill collectors who keep calling all the time. You hate to answer your telephone anymore because of it. Now the collection agency is calling you at work humiliating you and threatening with wage garnishment. You didn’t mean to get so far behind on your house payment and your credit cards but you weren’t expecting the medical bills to pile up the way they were either. The surgery that you had to have was an emergency. You are back to work now and thought that you could handle the medical bills but you are just falling farther and farther behind with your payments Even with the little bit of insurance that you do have it just didn’t pay enough. You feel sick. Where do you go from here?
Bankruptcy happens when you cannot pay your debts. In 2012 for the 1st quarter alone, there were 355,000 bankruptcies filed. With so many people out of work right now and many others without medical insurance, it’s not surprising to know that medical debt is a big part of the total debt that people have. A Chapter 13 bankruptcy is when there is a financial reorganization of debts. With this type of bankruptcy, creditors are paid a fair settlement for an extended amount of time, which is supervised by a trustee of the court. This is a fair way for certain creditors to get their money back and gives the debtor a way to make a clean start. Depending on the allocation of the payments and your income, unsecured creditors may not receive anything. With a Chapter 13 Jackson MS bankruptcy filing, you will not lose your home or your car. Your pension fund is also safe.
A lawyer for Chapter 13 Jackson, MS may be able to help you with your bankruptcy questions and concerns. Friends or family who have been through a similar situation or who know of someone who has can give you referrals of lawyers who can assist you in your area. You could also contact the American Bar Association to see if they can give you recommendations of bankruptcy lawyers in your area.
