What are the restrictions for filing for bankruptcy?

Filing for bankruptcy in Mississippi is an option for those facing insurmountable debt, however there are restrictions that must be considered before filing. Some of the restrictions for filing for bankruptcy in Mississippi include: 1. Only individuals, married couples, and single corporations may file bankruptcy. Partnerships and limited liability companies cannot file, although individual members of the business may file. 2. You must have received credit counselor education from an approved credit counseling agency within 180 days prior to filing for bankruptcy. 3. You must have proof of income. This includes pay stubs, tax returns, and other evidence of income. 4. You must complete a bankruptcy budget worksheet showing what you spend your money on every month. 5. You must file a Schedule of Assets & Liabilities, which is a statement of all your assets and debts. 6. You must file a Statement of Financial Affairs, which is a statement of your financial transactions in the months and years leading up to the bankruptcy filing. 7. You must file a Statement of Intention of Disposition of Property, which is a statement of what you plan to do with any unexempt property held in your name. Also, there are limits to the amount of debt that can be discharged in bankruptcy. Mississippi has what’s known as a “means test” that determines the level of debt that can be discharged. In general, if your income exceeds the median household income in Mississippi, you may not be able to discharge certain debts. By understanding the restrictions for filing for bankruptcy in Mississippi, you can determine whether filing for bankruptcy is the best option for you. It is important to seek legal advice before making this decision.

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What are the restrictions for filing for bankruptcy?

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