Bankruptcy Law

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Bankruptcy Attorney In Ocean Springs, Mississippi

Do I Qualify for Bankruptcy?

Qualification for bankruptcy depends on the specific chapter of bankruptcy. To qualify for a Chapter 7 bankruptcy, your income must be below median income, or you must pass the “means test” to determine if you are eligible. The means test looks at whether you can afford to pay back some of your debts if you were to budget differently and file a Chapter 13 repayment plan. You do not have to do the means test if your debt is mostly from operating a business, if you are a disabled veteran and your debts were incurred while you were on active duty, or if you are a guardsman/reservist and your debts were incurred while on active duty.


To qualify for a Chapter 13, you must be a person or a married couple. Businesses do not qualify, but people who own businesses do. There is a secured debt limit of $1,184,200 and an unsecured debt limit of $394,725. In order to qualify for a Chapter 12, you must derive most of your income from farming or fishing operations, and most of your debts have to be related to farming or fishing. If you live on the farm, your mortgage will likely qualify as a farming debt. Your total debts cannot exceed $4,153,150. Chapter 11 can be filed by anyone, although it is the most expensive and most complex chapter of bankruptcy. There is a simpler version of Chapter 11 called Subchapter 5, with a debt limit of $2,725,625; however, Congress temporarily increased the limit to $7,500,000 until March 27, 2021, due to COVID-19 and the economic shut down on businesses.


During your free consultation, our Mississippi bankruptcy attorneys will review the different chapters of bankruptcy available to you and what may work best for your situation. ď»ż

When you need debt relief, contact Sheehan & Ramsey for a bankruptcy lawyer near you. Call 228-400-7075 today for help finding the right bankruptcy options during a FREE consultation.

When Should I File Bankruptcy?

Many financial advice gurus say that you should only consider bankruptcy to be a “last resort.” While bankruptcy should not be your first instinct, it is dangerous to think of it as your last resort. Delaying a needed bankruptcy can damage you financially, mentally, and emotionally. It can cause you to lose your retirement, your home, and your income while adding unnecessary stress. Your retirement account and your equity in your home are likely protected from your creditors. If you find yourself considering borrowing from your retirement or taking out a second mortgage to pay hospital bills, credit cards, or other debts, please seek advice from a legal professional first. A bankruptcy can resolve these debts without jeopardizing your savings and your future.


If you are facing a crisis like foreclosure, garnishment, repossession, levy, or lawsuit, you do not want to wait to seek legal advice. Filing a bankruptcy can stop these actions and save your wages, car, or home from being taken from you. You may also want to consider filing bankruptcy even if you are not in an immediate threat if you can tell that your income is not enough to pay off your bills. Credit cards and loans accrue interest each month. If you are just paying the minimum balance, it may take years for you to dig your way out of debt. This can keep you from saving for retirement or covering important expenses for your family or your health. A bankruptcy can help you climb out of this hole and plan for your future.


At Sheehan & Ramsey, our Mississippi bankruptcy lawyers have helped individuals, families, and small business owners in Mississippi eliminate their debt. For experienced guidance with filing bankruptcy, call 228-400-7075.

What Are The Differences Between Chapter 7 And Chapter 13 Bankruptcy?

Even though our consultations are free, it does cost money to file bankruptcy. These costs include attorneys’ fees, court costs and the costs of legally required credit counselling. Since Congress amended the bankruptcy code in 2005, it has become more difficult to file bankruptcy and very dangerous to file without the help of a lawyer. If you do not have an attorney, you may risk having your case dismissed, losing property that should be protected, or even facing jail time for bankruptcy fraud. Every bankruptcy case is different, and our pricing reflects that. Our Jackson County bankruptcy law firm offers free consultations via telephone, skype, zoom, or in-person to analyze your case and provide you with the best quote available.


Chapter 7 Bankruptcy Costs

Our fees for Chapter 7 are based on how difficult the case is. They typically range between $1,000 and $3,000, although exceptions can be made under certain circumstances. We cannot provide a quote until we have looked at the facts of your case, including your income, your assets, prior bankruptcy filings, and any details that may complicate your case. We charge one flat fee to file the case and will not charge anything extra once the case is filed. We work with people on payment plans that work for them, but bankruptcy law requires that all attorneys’ fees be paid before the filing of a Chapter 7 case. The filing fee for Chapter 7 is currently $335.


Cost of Chapter 13 Bankruptcy

The fees for Chapter 13 cases are set by the bankruptcy court. Currently, the attorneys’ fees are set at $3,600, and the filing fee is $310. Most of the attorneys’ fees are paid through the bankruptcy plan, however. This means that it may cost less up front to file a Chapter 13 than it would to file a Chapter 7. This may be useful for people who cannot afford the full filing fee of a Chapter 7 but need to seek bankruptcy relief immediately. The amount charged up front for a Chapter 13 also varies depending on the case. In most circumstances, we can file the case for $500 plus the filing fee, with the remainder paid over the bankruptcy plan (three to five years). If a mortgage is involved or if there is a significant amount of work required before filing, we may ask for a bigger down payment before a case is filed. Like with a Chapter 7, we may be able to make an exception downward in certain circumstances.


Chapter 11 & 12 Costs 

Chapters 11 and 12 are very complex, and attorneys’ fees are billed at an hourly rate depending on the attorneys involved. Because these cases vary greatly, we cannot provide an estimate of the retainer until you have met with a lawyer. Our consultations are free, so there is no harm in meeting with a lawyer to determine your options.


Understanding Bankruptcy Options in Ocean Springs, Mississippi

Living in Ocean Springs, Mississippi, offers a unique blend of coastal charm and community spirit. However, financial hardships can affect anyone, regardless of their location. If you're a resident of Ocean Springs or the surrounding Jackson County area, understanding your bankruptcy options is crucial for safeguarding your financial future.


Local government entities, such as the Jackson County Chancery Court and the Ocean Springs City Hall, provide invaluable resources and information when considering bankruptcy. While we are not directly affiliated with these entities, knowing they exist can help you navigate the complexities of filing for bankruptcy.


One of the common pain points for residents in Ocean Springs is the threat of foreclosure, especially given the area's real estate market. Filing for bankruptcy can offer a lifeline if you're struggling to keep up with mortgage payments. It can halt foreclosure proceedings, giving you the room to catch up on missed payments or work out a repayment plan.


Another significant concern for locals is the accumulation of medical debt, particularly near healthcare facilities like the Singing River Health System. If you face mounting medical bills, bankruptcy can help you manage this debt without sacrificing your retirement savings or home equity.


At Sheehan & Ramsey, we understand the unique challenges faced by Ocean Springs residents. Our local knowledge allows us to provide tailored advice addressing your needs. Whether you're dealing with credit card debt, personal loans, or other financial burdens, we can help you explore your bankruptcy options and find a path to financial stability.


Don't let financial stress take over your life. Contact our Ocean Springs bankruptcy lawyers today for a free consultation. We're here to help you navigate the complexities of bankruptcy and find the best solution.


Contact Our Ocean Springs Bankruptcy Lawyers

Our attorneys at Sheehan & Ramsey can help you find the right bankruptcy option for you. At our law firm, we put our clients first by offering compassionate and unique legal assistance that is tailored to your situation. When you need help filing for bankruptcy, call our experienced Mississippi bankruptcy lawyers near you. 


Check out our attorney reviews to see why clients choose our Mississippi law firm when they're looking for good lawyers in Jackson County.


When you need debt relief, contact Sheehan & Ramsey for a bankruptcy lawyer near you. Call 228-400-7075 today for help finding the right bankruptcy options during a FREE consultation.

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Commonly Asked Questions

  • Can bankruptcy stop foreclosure or repossession?

    Yes, filing for bankruptcy can temporarily halt foreclosure or repossession through an automatic stay. This stay stops most collection activities, giving you time to catch up on missed payments or work out a repayment plan. In Chapter 13 bankruptcy, you may be able to include missed mortgage or car payments in your repayment plan.

  • Can I keep my house and car if I file for bankruptcy?

    In many cases, you can keep your house and car when filing for bankruptcy, especially if you file for Chapter 13 and can include missed payments in your repayment plan. In Chapter 7, you may be able to keep your property if it is exempt under state or federal law. Our bankruptcy attorneys can help you understand what exemptions apply to your case.

Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.

Have Questions?

Call Sheehan & Ramsey at 228-400-7075 today to speak to an attorney.

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