Arkansas Bankruptcy Lawyers
Bankruptcy basics in Arkansas
Filing bankruptcy in Arkansas may be able to lift the heavy weight of credit card debt, foreclosure threats, medical bills, car loans and more.
The laws give you two federally protected avenues to clear your debt while protecting yourself against repossession, lawsuits and harassment. Chapter 7 and Chapter 13 bankruptcy may both be effective at eliminating your debt. However, the two work differently and only one may be right for you.
Get a free case evaluation with a bankruptcy lawyer in Arkansas when you complete the free form on this page. Ask questions and get answers about whether bankruptcy can give you a fresh start.
Filing Bankruptcy in Arkansas
Filing bankruptcy isn't as simple as dropping off some paperwork. Both Chapter 13 and Chapter 7 bankruptcy have requirements you'll need to meet before you can file. In addition, you may have to attend a meeting at local court and meet various filing deadlines for paperwork.
While your bankruptcy lawyer may help you with much of this, and even appear on your behalf in court, you can go ahead an start educating yourself on which type of bankruptcy may be right for you.
Both types of bankruptcy may use the automatic stay, a powerful court order that may:
- Stop foreclosure
- Stop wage garnishment
- Stop repossession
- Stop lawsuits
- End harassing phone calls and letters
If you choose to file Chapter 13 bankruptcy, you'll need some regular income. This type of bankruptcy freezes, orders and sometimes reduces your debts, allowing you to pay them back during a court-approved payment plan for you. While this process is slower, it may offer you the best protections for your home, cars and other items.
Chapter 7 may be best if you need help right away, have mostly credit card of medical bills, and don't have much income. Chapter 7 typically only takes a few months to eliminate debt.
And, thanks to the Chapter 7 exemptions in Arkansas, you may be able to protect much, if not all, of your property. Exemptions in this state include:
- Your home up to 80 rural acres or .25 urban acres
- 60 days of earned but unpaid wages
- $1,200 for a car
- Personal property up to $200. May be raised to $500 if married or head of household.
- Clothing and wedding rings, regardless of value
Thanks to these exemptions, there is rarely any property of any kind in a Chapter 7 case in Arkansas.
Contact a Bankruptcy Lawyer in Arkansas Today
Is bankruptcy right for you? That's a decision you'll have to make, but you can get all the facts before you choose.
Bankruptcy lawyers in Arkansas can answer specific questions you have about the process, how it works and how it might help you.
Get a free case evaluation with a local bankruptcy Arkansas bankruptcy lawyer when you complete the free form on this page. Or, you can call toll free 877-833-2410 and we'll connect you right away.
Get the answers you deserve from a bankruptcy lawyer today.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.