True or False: Mississippi Bankruptcy Edition

Think you know your stuff about bankruptcy? Test your knowledge with our “True or False: Mississippi Edition” quiz! 

How to Play:

Read each statement below and decide whether it’s true or false. At the end of the post, we’ll reveal the answers. Ready? Let’s dive in!

1. Bankruptcy in Mississippi can erase student loans automatically.

  • True
  • False

2. If you file for bankruptcy in Mississippi, you lose everything you own.

  • True
  • False

3. Mississippi is a "no-fault" state for bankruptcy — meaning you can file for bankruptcy even if you’ve been financially irresponsible.

  • True
  • False

4. You can still buy a home in Mississippi after bankruptcy, but it might take a few years.

  • True
  • False

5. A bankruptcy filing in Mississippi will stay on your credit report for 7 to 10 years.

  • True
  • False

6. Mississippi residents can choose between Chapter 7 and Chapter 13 bankruptcy depending on their income and assets.

  • True
  • False

7. Bankruptcy will stop foreclosure proceedings immediately in Mississippi.

  • True
  • False

8. Filing bankruptcy in Mississippi is free.

  • True
  • False

9. You can only file for bankruptcy in Mississippi if you’ve lived there for at least 90 days.

  • True
  • False

10. If you file for bankruptcy in Mississippi, you won’t ever be able to get credit again.

  • True
  • False

How’d You Do?

Ready for the answers? Let’s see how well you know Mississippi bankruptcy law!

Answers:

  1. False – Student loans are very difficult to discharge in bankruptcy, and generally, you must prove undue hardship.
  2. False – Bankruptcy can help you keep assets, depending on the type you file for (Chapter 7 vs. Chapter 13).
  3. True – Mississippi’s bankruptcy laws allow for people who have fallen on hard times to seek relief, regardless of the reason for the debt.
  4. True – While it may take time to rebuild your credit, it’s definitely possible to buy a home after filing for bankruptcy.
  5. True – Bankruptcy can stay on your credit report for 7 to 10 years, but it doesn't mean you’re doomed forever!
  6. True – Mississippi residents can choose between Chapter 7 (liquidation) and Chapter 13 (reorganization) depending on their financial situation.
  7. True – Filing for bankruptcy can immediately stop foreclosure proceedings via an automatic stay.
  8. False – Filing for bankruptcy does have fees associated with it, including court and attorney costs.
  9. True – You must have lived in Mississippi for at least 90 days to file for bankruptcy here.
  10. False – Bankruptcy is not the end of credit options; you’ll have to work hard to rebuild, but credit can be obtained again.

Final Score:

  • 8–10 correct: Looks like you’re on your way to being a bankruptcy expert! 
  • 5–7 correct: You’ve got some great knowledge, but could brush up a bit. 
  • 0–4 correct: No worries — bankruptcy law can be tricky. Feel free to contact us for more help! 

Want More Info?

If you got a question or need assistance with bankruptcy in Mississippi, don't hesitate to contact us. 

We’re here to guide you through the process every step of the way.

Law Offices of Wes Stover

Phone: 601-949-5000

alicia@wesstover.com or wes@wesstover.com