Bankruptcy Pro’s & Con’s

Filing for Chapter 7 or Chapter 13 Bankruptcy in Mississippi has a number of Pro’s and Con’s that should be assessed prior to making a decision. Below are some of the main consideration’s former clients of Davis & Williams have considered. Keep in mind that there are generally more positive reasons to file for Bankruptcy than there are negative reasons. Our Attorneys at Davis & Williams can assist you with any questions.


  • Filing for Bankruptcy is a fresh start for the future. You will no longer have to fret over unsecured debt.
  • When you file bankruptcy, it halts every collection action by creditors. This includes but is not limited to: repossessions, foreclosures, garnishments and calls from debt collectors. When you file bankruptcy through an attorney, your legal team will protect you by handling all inquiries from creditors.
  • Many states allow you to exempt your home, car, retirement account, and other large essential assets. The State of Mississippi recognizes these exemption, so you will not wind up homeless and immobile.
  • Filing for Bankruptcy sooner rather than later, will allow you begin immediately rebuilding your credit and your life. If there is another disaster, you may be able to amend your existing Chapter 13 plan to cover it.
  • Student Loan debt cannot be forgiven, however, at least filing for Bankruptcy will prevent your lenders from collection actions during the legal process.
  • If you are frantic about your financial situation, don’t worry. Both judges and trustees have heard far worse stories than yours.
  • Filing for Chapter 7 Bankruptcy is a quick process and does not draw out for years to come.
  • You will not be responsible for paying tax consequences for any forgiven debt.


  • You must forfeit all of your credit cards (unless you pay them off before filing.)
  • If you have non-exempt luxury possessions the trustee may liquidate those items.
  • A recent bankruptcy makes it very difficult to get a mortgage (although you should be able to do so within about five years).
  • It can take up to five years or longer to repay your debts under a Chapter 13 plan.
  • A bankruptcy stays on your credit report for at least 10 years.
  • Within the time frame bankruptcy appears on your credit report, it may make it difficult to acquire credit, buy a home, or obtain low interest rate financing.
  • Not all debts may be “discharged” in a bankruptcy. Student loans and back taxes are not omitted from a Bankruptcy filing.
  • Bankruptcy may affect your morale and future confidence in financial dealings.
  • If you declare bankruptcy, your name will be in court records and may appear in the public records.
  • Lump sum distributions from other legal settlements must go through your appointed trustee before it is distributed to creditors.
  • It may be a long time before you are able to get credit cards again.

Our Attorneys at Davis & Williams have an extensive track record of satisfying clients who inquire about their options for Bankruptcy filing. While most firms take all matters into their own hands, our firm has provided important information below to ensure you understand the duties of a competent, qualified Bankruptcy Attorney. Contact Us today for a Free Consultation.

Learn How We Can Help You Get Through Bankruptcy.
Chapter 7 Bankruptcy Basics
Chapter 13 Bankruptcy Basics
How Ordering Your Credit Report Can Help You in Bankruptcy
Visit Our FAQ
What a Bankruptcy Attorney Should Do for You

Client Reviews

The services that the firm provided during my bankruptcy case was outstanding.

- L Moore

Your firm did a great job in handling my case. I will definitely refer my friends to your firm.

- Jennifer H

Your firm reduced my stress. I have no complaints. Thank you so much.

- Sandra P

When I was forced to file bankruptcy. Your firm turned a stressful situation into a great experience. I am forever grateful.

- L Miles

You did an outstanding job of representing me. I was afraid I was going to lose everything. However, the bankruptcy restored my peace. Thank you so much.

- T Coleman

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