Bankruptcy Options

Bankruptcy Options in Arkansas

Jonesboro Bankruptcy Attorney

Are you struggling to make ends meet? Are you stressed because you cannot pay your bills in full? While many people consider filing for bankruptcy a last resort, it may actually help improve your financial state and overall wellbeing. There are various types of bankruptcy for which you may be able to file, so it is important for you to hire a Jonesboro bankruptcy lawyer who can assist you throughout your case.

At DeLoache Law Office, our attorneys are here to help you determine which chapter of bankruptcy you qualify for. With experienced legal assistance on your side, you can rest assured knowing that your bankruptcy case will go a lot smoother than it may if you had filed for bankruptcy on your own. We can ensure all paperwork is filled out and filed correctly by the necessary due dates, so you are not punished or denied bankruptcy for missing deadlines or filling out paperwork incorrectly.

Types of Bankruptcies

In the State of Arkansas, you may be qualified to file for three different types of bankruptcy, depending on your financial situation.

The three different types of bankruptcies are:

  • Chapter 7: This form of bankruptcy can cancel all your debts, but also may also force you to liquidate some or all of your property to repay creditors. It is often referred to as "liquidation bankruptcy," and you can only file for Chapter 7 if you don't quality for Chapter 13 and haven't obtained a bankruptcy discharge in the last six to eight years. Almost all types of debt can be eliminated via Chapter 7 bankruptcy except those involving child support, most tax debts, and student loans.
  • Chapter 13: Want to protect your property? Chapter 13 bankruptcy allows you to keep your property, but pay back all or a specific amount of your debts over a certain time period. Since you end up repaying most of your debts at the end of Chapter 13, it is also referred to as reorganization bankruptcy. It may be ideal for you to file for this type of bankruptcy if you have the appropriate amount of income to meet payment obligations and your debt isn't considered too high.
  • Chapter 11: Designed for small business owners, Chapter 11 bankruptcy is intended to help businesses restructure their finances and increase the return to their creditors and owners. Most Chapter 11 bankruptcy cases are voluntary and involve the debtor seeking bankruptcy relief. The debtor has four months after it files for Chapter 11 to establish a reorganization plan. Once the court looks the plan over, the debtor must it to repay creditors.

Get the Help You Need Today

If you are considering filing for bankruptcy in Arkansas, turn to a law firm that can help you during your case. The Jonesboro bankruptcy lawyer at DeLoache Law Office is here to ensure your rights and properties are protected as much as possible.

We understand how stressful bankruptcy can be, which is why we have dedicated our working lives to helping Arkansas residents throughout this stressful time. Please contact our office to schedule a free, no-obligation consultation today!

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

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