Biloxi Bankruptcy Attorneys

Experienced Representation for Debt Relief in Mississippi 

Experiencing crippling financial debt can be one of the most isolating and overwhelming experiences a person can face. Many people who are in debt feel alone and don’t know how to dig themselves out of the hole they’re in. Our Gulf Coast bankruptcy attorneys are here to let you know that you have options. At Davis & Davis, PLLC, our team offers dedicated legal counsel in Chapter 7, 11, 12, and 13 bankruptcies to help clients gain financial footing.

We can educate you on each type of bankruptcy and assess your situation to help you determine which one is right for you. We’ve helped countless clients over the last 20 years who have been in the same situation you’re in now, and we’ve seen them take steps toward a healthier and more stable future. If you’re ready to start a new chapter and help yourself and your family get out of debt, call us for a free consultation.

Call (228) 231-9717 to reach our professional bankruptcy lawyers in Biloxi.

Is Bankruptcy the Right Financial Option for Me?

Filing for bankruptcy can be an intimidating process, but it is often a necessary step to get back on your feet and take control of your financial future. A bankruptcy attorney can help you understand the different types of bankruptcies available and guide you through the legal process so that you can make informed decisions about which type is best for your situation. With their expertise, a bankruptcy lawyer can provide invaluable advice when it comes to developing a debt relief plan tailored to your specific needs. They also have experience in negotiating with creditors and helping clients find solutions that will allow them to move forward from their current financial difficulties.

Here are a few details that may help a lawyer for bankruptcy determine if you should consider filing:

• Reduce or eliminates debts: One of the primary reasons to file for bankruptcy is to find relief from overwhelming debts. Filing for bankruptcy can reduce or eliminate certain types of debt, such as credit card bills and medical bills, so that you can have a fresh start financially.
• Reorganize debt: If your income is too low to pay off your current debts in full, filing for bankruptcy may allow you reorganize those debts into a manageable payment plan with lower payments and interest rates.
• Stop creditor harassment: Declaring bankruptcy halts creditor harassment by stopping phone calls, letters and wage garnishments while the case is being heard in court.
• Protect assets: Bankruptcy lawyers are also experienced at helping clients protect their assets during the process by using exemptions available under state laws (or federal law if applicable).
• Regain control over finances: In addition to reducing or eliminating existing debt and protecting assets, declaring bankruptcy gives individuals an opportunity to gain control over their financial future by allowing them create a budget tailored towards their needs and providing guidance on rebuilding credit after filing for protection from creditors.

If you find yourself in any of these situations, it may be wise to contact an experience and skilled bankruptcy attorney. There may be many lawyers for bankruptcies near you, but you should make sure the attorney you hire is ready and able to help with your particular circumstances. Such an attorney can find the right chapter of bankruptcy for you to file.

Understanding Your Bankruptcy Options

Not all bankruptcies are the same. While bankruptcy is generally used to help individuals and businesses clear their debt, not all types are created equal. There are six different types that correspond to chapters in the Bankruptcy Code. Some of these types of bankruptcies include:

• Chapter 7
• Chapter 11
• Chapter 12
• Chapter 13

Chapter 7 Bankruptcy 

The most common kind of bankruptcy for individuals, Chapter 7 is known as a liquidation bankruptcy case, which means that an appointed trustee oversees the sale of your assets to pay off your creditors. Through this bankruptcy, all your debt is erased, barring student loans and taxes.

If there are any assets you have and want to protect from liquidation, like your house or car, a Biloxi bankruptcy attorney can help you defend them from being sold. Only individuals who cannot pay off any part of their debt qualify for this kind of bankruptcy.

Chapter 11 Bankruptcy

Chapter 11 bankruptcies are used mostly by large businesses or corporations who need to reorganize their debt payments. Both creditors and the court must approve the plan the company creates to pay their debts while also continuing to run their business. Some individuals with a lot of debt and high-value assets may also qualify for this type of bankruptcy.

Chapter 12 Bankruptcy 

Chapter 12 bankruptcies work in a similar fashion to Chapter 13 bankruptcies, though they have higher debt limits. Family farmers and fishermen are the individuals who file for a Chapter 12 bankruptcy most often to avoid foreclosure on their property or having to sell their assets.

Chapter 13 Bankruptcy

The second most common bankruptcy option for individuals, Chapter 13 doesn’t forgive your debt like Chapter 7 – it helps you to reorganize your debt. Through the court, individuals can establish a monthly payment plan to pay off their debts over a period of three to five years.

The amount you need to pay each month depends on your current income and amount of existing debt. This is an option for those who can’t currently pay off all their debts, but can afford small portions.

Don't wait to get help. Contact us online or by phone at (228) 231-9717 to reach our professional attorney for bankruptcy.