Bankruptcy Law Information Center

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Frequently Asked Questions about Bankruptcy

Q: Why are so many consumers filing bankruptcy?

A: Americans generally have overextended themselves by using too much easily accessible credit to finance overspending, combined with lack of savings. With no financial safety net, sudden crises such as medical emergencies, job losses or failed businesses, death or disability of spouses, or divorce can result in insurmountable debt. On average, a typical bankruptcy debtor is employed and middle-aged with a high school education and relatively low income.

Q: What alternative courses of action are there to filing bankruptcy when facing overwhelming debt?

A: Short of bankruptcy, a debtor may enter into mediation with creditors or negotiate workout agreements to extend due dates, lower interest rates, partially forgive debt or alter other terms. A debtor may execute an assignment of property for the benefit of creditors (ABC), wherein the debtor puts assets in the trust of a neutral third party to pay creditors. A business debtor can sell the business, negotiating the satisfaction of debt as part of the deal. Other creative options to bankruptcy exist.

There were nearly 1.7 million bankruptcies filed in 2003, up 7.4% from the 1,547,669 filings in 2002. In fact, bankruptcy fillings have increased nearly 100% since 1994. To help sort your way through the complicated maze of overcrowded bankruptcy courts, you need the assistance of knowledgeable legal advocates, with years of experience and demonstrated trustworthiness.

Chapter 7 Personal Bankruptcy Lawyer • Bankruptcy Law Attorney

The Law Office of

Robert R. McRaney, Jr.

601-924-5961

A Lawyer and a Friend

Free Consultation

Payment Plans Available

Conveniently located in the Pine Ridge Village Shopping Center,
right off the interstate, close to Pacific College.

Office Hours: 8:00 - 5:30 Monday - Friday and 8:30 - 11:30 a.m. Saturdays

The Jackson bankruptcy attorney who will get you the new start you need.

Attorney Robert R. McRaney, Jr. offers more than eighteen years of bankruptcy and debt relief law experience providing effective legal representation, personal attention, and responsive communications. The Chapter 7 and Chapter 13 law office of Robert R. McRaney, Jr. has worked hard to earn a reputation as a quality debt relief law firm with extensive understanding of the new bankruptcy laws. We will fully explain how the law applies to you, and help you decide your best legal options. We promise to remain responsive to your needs, communicate honestly, and provide you with the most effective legal representation you can find throughout the Jackson area. When you hire us, we will make sure you understand what is happening at every step of the legal process.

Contact the bankruptcy lawyer's office of Robert R. McRaney, Jr., to schedule a consultation. We never forget that your bankruptcy legal matter is extremely important to you and your family.

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Contact the Jackson bankruptcy lawyer's office of Robert R. McRaney, Jr. to schedule a free consultation about your legal needs today.

The law office of

Robert R. McRaney, Jr.

A Lawyer and a Friend

503 Springridge Road
Clinton, MS 39056
Phone: 601-924-5961
Fax: 601-924-1516

The law office of Robert R. McRaney, Jr. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. We represent people living throughout the metro area of Jackson, Mississippi, including the communities of Jackson, Clinton, Brandon, Brookhaven, Canton, Carthage, Decatur, Forest, Madison, McComb, Morton, Natchez, Newton, Ridgeland, Vicksburg, and Yazoo City, Mississippi.

Counties

Hinds County • Yazoo County • Rankin County • Warren County • Madison County

Bankruptcy - An Overview

Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor's assets and liabilities and provides a structure within which the debtor is allowed to keep some property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.

The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.

In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney to help you to assess your legal options.

Consumer Bankruptcy

When an individual falls desperately behind in his or her debt payments, one option may be to declare bankruptcy, a legal proceeding in a federal bankruptcy court that relieves the debtor of some or all of his or her debts. While bankruptcy may not be the best option for everyone, in the right situations, it can provide people with a fresh start. A lawyer experienced in bankruptcy law can advise you as to whether bankruptcy may be the right move for you.

Commercial Bankruptcy

Like a consumer, a business sometimes finds itself in the uncomfortable position of being unable to pay its debts. One solution is to file for bankruptcy, a legal process in federal bankruptcy court that releases the business from the obligation to pay all or some of its debts. A lawyer experienced in bankruptcy can advise business owners about whether bankruptcy is right for them.

Credit Counseling Requirement in Bankruptcy

In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a new bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing. A lawyer experienced in consumer credit and bankruptcy law can help educate debtors about these new counseling requirements.

Surviving the Emotional Effects of Bankruptcy

No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life. An experienced bankruptcy attorney can guide a debtor through the complicated legal, financial and emotional maze of bankruptcy and steer him or her in the right direction for the future.

Bankruptcy Resource Links

American Bankruptcy Institute Consumer Corner
General information regarding consumer debt and bankruptcy.

Legal Information Institute
A bankruptcy overview from Cornell Law School, including links to state, federal and other sources.

FindLaw Guide - U.S. Bankruptcy Courts
Links to US Bankruptcy Court Web sites.

Official Bankruptcy Forms
From the Administrative Office of the US Courts.

AnnualCreditReport.com®
Official Web site where consumers can obtain free credit reports from the three national credit-reporting companies.