Flowood Bankruptcy Attorney

Helping You Find a Fresh Financial Start

Record numbers of people are struggling financially due to the pandemic. If you can relate and haven't been able to find a solution, it might be time to consider bankruptcy. At The Law Offices of Wes Stover, our Flowood bankruptcy lawyer can let you know your bankruptcy options during a no-obligation case evaluation. If there is a better financial path for you outside of bankruptcy, we will tell you during the consultation. 

The COVID-19 pandemic has left many people facing financial hardship, and if you're struggling with debt, you're not alone. Bankruptcy could be the solution to give you a fresh start. At The Law Offices of Wes Stover, our Flowood bankruptcy attorney is here to guide you through your options during a free, no-obligation case evaluation. If there's a better solution for you than bankruptcy, we'll advise you of it.

Ready to Take Control of Your Financial Future? Contact The Law Offices of Wes Stover today at tel:(601) 401-8996 for a free consultation!

Let Us Be Your Advocate

Our goal at The Law Offices of Wes Stover is to provide you with the support you need to rebuild your financial future. We understand that financial struggles can be overwhelming, and we're committed to making the process easy and stress-free. With more than 30 years of experience, Wes and his team take a hands-on approach, offering clear communication and compassionate support throughout the bankruptcy process.

Choosing the Right Bankruptcy Chapter

There are two common bankruptcy options for individuals: Chapter 7 and Chapter 13.

• Chapter 7: If you have low income and significant debt, Chapter 7 may allow you to discharge unsecured debts such as credit card balances.
• Chapter 13: If your income is above the median for Mississippi or you have significant assets, Chapter 13 may be a better option, allowing you to repay debts over time through a manageable payment plan.

We’ll help you understand which option best fits your situation.

Debt Relief Options

Bankruptcy is often considered as the last resort for individuals struggling with overwhelming debt. However, it’s not the only option available. There are alternative methods that can help you resolve your financial challenges, such as debt consolidation and debt settlement. These options may allow you to manage your debt more effectively without the long-term impact of a bankruptcy filing.

• Debt Consolidation: This process involves combining multiple debts into a single loan, which can make managing your payments easier. Debt consolidation often offers a lower interest rate, which can reduce your monthly payments and overall debt burden.
• Debt Settlement: If you are unable to pay your debts in full, debt settlement allows you to negotiate with creditors to pay a lump-sum amount that is less than your total debt. This approach can significantly reduce your debt but may negatively affect your credit score.

At The Law Offices of Wes Stover, we can help you explore all potential debt relief solutions, ensuring that you make an informed decision about your financial future before committing to bankruptcy.

The Bankruptcy Process Timeline

The bankruptcy process is not an immediate fix—it takes time and requires careful planning. The duration of the process depends on the type of bankruptcy filed, and understanding the timeline is crucial for managing your expectations and planning accordingly.

• Chapter 7 Bankruptcy: This is often referred to as “liquidation bankruptcy,” where non-exempt assets may be sold to pay off your debts. Chapter 7 is typically completed within 3 to 6 months, allowing for quicker debt relief.
• Chapter 13 Bankruptcy: Known as “reorganization bankruptcy,” Chapter 13 allows you to keep your property while creating a payment plan to pay off creditors over 3 to 5 years. While it takes longer than Chapter 7, it offers a structured plan to address your debts.

Regardless of the bankruptcy chapter you choose, our legal team at The Law Offices of Wes Stover will help guide you through the process step by step, ensuring that you understand what to expect and that your case proceeds smoothly.

How Bankruptcy Affects Your Credit

One of the most common concerns people have when considering bankruptcy is how it will impact their credit score. It’s true that filing for bankruptcy will have a negative effect on your credit report in the short term, but it can also be a powerful tool to help you regain financial stability.

• Immediate Impact: Bankruptcy will typically stay on your credit report for 7 to 10 years, depending on the type of bankruptcy filed. This may cause an initial drop in your credit score.
• Long-Term Recovery: While bankruptcy can hurt your credit score in the short term, it can help you rebuild your credit more quickly than continuing to miss payments or face creditor harassment. Once your debts are discharged or reorganized, you may be able to start rebuilding your credit score by paying new bills on time and keeping your credit balances low.

At The Law Offices of Wes Stover, we’ll work with you to understand how bankruptcy will impact your credit and help you develop a strategy to rebuild your financial future once your case is complete.

FAQ about Bankruptcy in Flowood

• Can bankruptcy impact my estate planning?
  Yes, bankruptcy may affect the distribution of assets outlined in your estate plan. It’s important to discuss these concerns with your attorney.
• Can I still create a will if I file for bankruptcy?
  Yes, filing for bankruptcy does not prevent you from creating a will. However, it may affect how assets are distributed.
• How does bankruptcy impact consumer protection laws?
  Bankruptcy can offer some protection from debt collectors, but it’s important to understand how it intersects with consumer protection rights.
• Will bankruptcy discharge debts mentioned in my will?
  If your debts are discharged in bankruptcy, they will no longer be part of your estate for distribution in your will.
• Does bankruptcy affect the beneficiaries of my estate?
  Depending on your assets, bankruptcy could reduce the estate available for beneficiaries. Speak to a lawyer to protect your assets.
• How can I protect my estate during bankruptcy?
  Some assets may be protected under bankruptcy exemptions. A lawyer can help you protect as much as possible.
• Do I need to revise my will after filing for bankruptcy?
  After filing, you may need to revise your will to reflect any changes in your financial situation or assets.

Need Bankruptcy Help? Contact us now at tel:(601) 401-8996 for a no-obligation case evaluation with an experienced Flowood bankruptcy attorney!