Financial hardship is one of the most difficult matters an individual or family can be faced with. There is so much misconception surrounding bankruptcy, and Thomas Rollins, attorney, and founder of the Rollins Firm is prepared to set the record straight.
Thomas Rollins and his Jackson-based, law firm are prepared to come alongside individuals and help them get back on the right foot. “Filing for bankruptcy can be the first step towards taking control of your financial situation.” When working with any new client, Rollins and his team take the time to understand their full financial situation to understand their best option. According to Rollins, the two most common types of bankruptcy they file are Chapter 7 and Chapter 13. Chapter 7 is the most simple type of bankruptcy as it involves eliminating any type of unsecured debt, such as credit card debt, payday loans, medical loans, etc. Secured debt is debt that is tied to a home, car, or tangible asset. Chapter 13 is a more complex form of bankruptcy that involves debt organization. With this route, debtors can consolidate their debt into one monthly payment that is usually spread out over the course of 5 years.
The pandemic has had an interesting impact on the bankruptcy industry as a whole. When Rollins first founded his practice, in 2010, bankruptcy was at an all-time high, over the next 10 years, it steadily decreased 7-10% each year, until 2020, where it suddenly decreased by approximately 50%. Prior to 2020, one of the biggest drivers of bankruptcy was the threat of home foreclosure, but as of March, there has been a nationwide foreclosure moratorium in place. While this has provided brief respite to many struggling individuals, unfortunately, this cannot last forever, and Rollins is apprehensive about the situation many families will find themselves in with the moratorium ends.
However, with the right planning and implementation of strategic solutions, individuals do not have to go it alone. With the support of Thomas Rollins and his team of expert attorneys, individuals can stop foreclosure, wage garnishment, repossession, and the endless harassment of creditors. “You are not alone, there is a light at the end of the tunnel,” says Rollins. In addition to providing exceptional legal services, The Rollins Firm offers the most accessible payment terms in the state. They are the first firm in Mississippi to file chapter 13 cases without taking any attorneys fees up front, and they offer two separate payment plan options for individual filing for Chapter 7. “Our goal is to give our clients as many options as possible and to make our services accessible to all,” says Rollins.