Bankruptcy Exemptions

Arkansas Bankruptcy Exemptions

Are you worried about losing your home, car, or other assets?

Call a Jonesboro Bankruptcy Attorney!

Are you thinking of filing for bankruptcy but don't want to lose your home, car or other important property? The first thing to do is enlist legal help from an experienced Jonesboro bankruptcy attorney to answer all your questions. No doubt you are under a lot of stress if filing for bankruptcy is being considered, and the anxiety and financial problems can make it more difficult to make sound decisions.

At DeLoache Law Office, we have been successfully helping clients just like you for 24 years, guiding them through the maze so they can have a brighter future. Attorney Mike DeLoache concentrates his practice on bankruptcy and credit restoration, so you can rest assured that you would receive 100% support and guidance from our firm while we work to help you receive a fresh financial start.

How Bankruptcy Exemptions Work

Exemptions have a dollar ceiling. You will be able to keep any property you have that qualifies for exemption under Chapter 7 bankruptcy unless that asset or property exceeds this dollar amount. For example, a motor vehicle is exempted up to $1200. If your car has a higher value than $1200, the trustee may require the vehicle be sold and pay you $1200. Every point can be negotiated with the bankruptcy court and the creditors, and many people retain their vehicles and simply keep paying the payments after filing. Your case is unique and you can be confident that at our firm we will do everything possible to help you avoid losing your assets when you file for bankruptcy.

Exemptions include:

  • Homestead—amount is unlimited if the rural property does not exceed 80 acres. If the acreage is 81-160 acres, the exemption is held to $2,500. For an urban property no larger than ¼ acre, the exemption is unlimited, and the exemption is $2500 if the urban property is ¼ to 1 acre.
  • Personal property— there is a $500 personal property exemption for a married person or the head of the household and a $200 exemption for unmarried or not head of the household persons. Apparel has an unlimited exemption. The Federal Bankruptcy exemptions are allowed.

Experienced Legal Assistance for Effective Debt Relief

There is no need to add to your stress and worries by trying to solve serious financial difficulties on your own. Without in-depth knowledge of bankruptcy laws, you could find yourself in over your head and unable to get your financial situation under control. We will review your entire financial situation with you, and once we have completed our evaluation we can advise you as to the best way to solve your debt situation, whether it's filing for bankruptcy or employing some other effective debt relief strategy. When you call our Jonesboro bankruptcy lawyers, you can schedule a free case evaluation or we can act for you on an immediate basis for emergency bankruptcy filing when needed. Call now.

We proudly serve the areas of Jonesboro, West Memphis, Paragould, Blytheville and surrounding cities in all bankruptcy matters.‚Äč

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