Chapter 7 Bankruptcy Options in Little Rock, Arkansas

We know it can be hard to find the right financial solutions. We are here to answer your bankruptcy questions and address any concerns you might have about your bankruptcy options here in Arkansas. We deliver committed bankruptcy representation to those who are in need of a steady hand while dealing with financial solution concerns. If you are eligible for bankruptcy and after reading the information below believe it is the right path for your financial journey then contact us today to learn about the options you could have here in Arkansas.

Is Bankruptcy the right option for you?

Some signs that you could benefit from bankruptcy options in Arkansas are that you are facing a lot of debt, experiencing wage garnishing, you cannot manage your monthly payments, facing home foreclosure or vehicle repossession. These are all problems that can he helped, you have options to help you file for bankruptcy in Arkansas.

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Chapter 7 Bankruptcy

Chapter 7 bankruptcy is one of the most common types of consumer bankruptcy in Arkansas. Consumer bankruptcy is for individuals, but not businesses. A Chapter 7 bankruptcy can help you manage unsecured debt you have collected over the years. These unsecured debts can typically include credit card balances, medical bills, and personal loans. Secured debt will remain behind and must still be paid. However, there are exceptions to all of these, and this is where an experienced attorney can help.

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Chapter 7 Frequently Asked Questions

  • How long can Chapter 7 bankruptcy take?

    Chapter 7 bankruptcy in Arkansas can take anywhere from 3-5 months. Depending on case to case it could take longer.

  • What happens to my property during a chapter 7 bankruptcy?

    During a chapter 7 bankruptcy, a trustee can sell your property. A trustee can sell the nonexempt property to pay creditors.

  • How much will I have to pay back after filing a chapter 7 bankruptcy?

    If you choose, none. However, if you have property such as a house or car then you have to reaffirm the debt and will have to pay back the full amount owed on that property.

  • What can happen to child support, alimony, or student loans while filing a chapter 7 bankruptcy?

    Your debts will not be discharged. You cannot avoid support debts through Chapter 7 bankruptcy.

  • What if someone cosigned with me during a chapter 7 bankruptcy?

    Creditors can and will reach out to seek payment from your co-debtor.

  • What happens if I am behind on payments when I file a chapter 7 bankruptcy?

    If the debt is proven to be secured, then the creditor will take it back.

  • Is there a income limit for filing chapter 7 bankruptcy?

    Yes, it depends on how you are filing. The income limit will go up per person. But there will be an annual income limit.

  • What assets can I loose filing a chapter 7 bankruptcy?

    Chapter 7 bankruptcy is referred to as liquidation because it involves selling the debtor's assets in bankruptcy. Assets, like real estate, vehicles, and business property, are included in a Chapter 7 filing.

If you believe you are in need of chapter 7 bankruptcy legal services in Little Rock and White Hall, Arkansas, we encourage you to contact The Stanley Havner Law Firm for a free consultation.