One of the first factors to address may involve the notion that a bankruptcy filing will likely impact one’s credit score. However, the outcome might not be nearly as daunting as one imagines. Those who fall behind on monetary obligations may already be experiencing challenges in this regard. Seeking relief via such a path could help provide individuals with the tools to cultivate a brighter financial future by reducing monetary obligations and freeing up sources of income.
It may also be helpful to note that a bankruptcy filing may only remain on a person’s credit reports for up to ten years. Also, having a bankruptcy on record doesn’t necessarily mean that a person will not be able to obtain credit during this period. Those who pursue relief via similar paths may also be able to start taking steps to begin rebuilding their credit soon after the process is finalized.
Those who are weighing the possibility of pursuing relief via bankruptcy but have questions about how this process might affect their credit could benefit from seeking advice in addressing their concerns. When facing similar challenges, a person might consider consulting with a bankruptcy attorney for insight on what to expect from this process. An attorney in Mississippi can work toward addressing all a client’s questions and needs and help choose a path for debt relief that best aligns with his or her interests and goals.
]]>When it comes to staving off errors, studies indicate that one of the first steps to take could involve taking a thorough approach to the process of identifying and valuing marital assets and wealth. This may prove vital to understanding what is at stake and to help one prepare to make informed decisions about his or her future. Gathering documents such as banking and retirement account statements, reviewing recent tax returns, and checking credit reports may be just a few examples of steps to take to prepare for this aspect of the process.
Studies indicate that it may also be helpful to cover topics such as the possible presence of hidden assets, as overlooking such a factor could prove detrimental. Finding ways to reign in emotions can also be integral to staving off mistakes, as decisions based on emotions might not align with one’s future interests. Knowing what factors to address regarding assets such as the family home may also be vital to preparing to make decisions based on what is best for one’s financial future.
Going through a divorce can be daunting enough as is and the thought of making errors may only add stress to the situation. When facing similar concerns, a person in Mississippi could choose to speak with a family law attorney for advice on ways to protect against such issues. An attorney can provide a client with insight on every vital factor to address and assist in creating a strategy for divorce proceedings that best aligns with his or her wishes and needs for the future.
]]>When it comes to pensions, one of the first factors to address may involve whether such assets are marital or separate property. Pensions earned prior to a marriage may remain separate assets if they are not combined with marital wealth, while pension funds earned during marriage will likely be deemed marital property. However, as there are some scenarios in which one might earn pension funds both prior to and during a marriage, such a topic can prove somewhat complex in nature.
Experts also indicate that another factor to consider may pertain to the complexity of valuing pension assets while one is still receiving contributions to this plan. There may also be different rules that govern government and military pensions and reviewing these rules could be vital to knowing what to expect. The presence of a prenuptial agreement could also affect the part a pension will play during this process.
If any portion of a pension is deemed marital property, such an asset could play a substantial role during a divorce. Those who face a similar situation and possess pension plans could find it beneficial to speak with a family law attorney for advice on every factor to address regarding such assets. An attorney in Mississippi can help address all a client’s needs and concerns and assist in developing a plan with which to seek an outcome that focuses on what is most important to his or her future during subsequent divorce proceedings.
]]>The means test is a component of bankruptcy that may affect one’s eligibility to pursue relief via similar paths. This test may require individuals to provide detailed information on all sources of income and to compare yearly income with the median income in one’s state. Those who earn less than that state’s median may be eligible to proceed with Chapter 7 bankruptcy filings.
However, that might not mean that those who make more than the median will not be eligible, as there is a second portion to the means test if income exceeds this limit. This part allows one to create a list of eligible expenses and subtract this number from yearly income. Experts state that if the information from this step indicates a debtor would struggle to pay more than a certain portion of debts over a five-year period, he or she may be deemed eligible to file for Chapter 7 bankruptcy.
The means test is just one aspect of the Chapter 7 bankruptcy process and those who are uncertain if this might be a viable path for relief could benefit from seeking advice in evaluating their options. By consulting with an attorney, a person in Mississippi may obtain much-needed guidance in addressing his or her financial situation. An attorney can work with a client in choosing the best path with which to seek debt relief and assist him or her in navigating every stage of this process.
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