Debt Liquidation Attorney Serving Clients in Jonesboro
How to Liquidate Debt Through Chapter 7
When considering declaring
Chapter 7 bankruptcy, many individuals are initially concerned that they will lose all their
assets, including their home and their car. However, both state and federal
law provide the means by which you can liquidate or eliminate most or
all of your debt while still retaining much of your property.
Deciphering which of your property can be exempt from liquidation is a
complicated process. Filing for Chapter 7 bankruptcy without the assistance
of a skilled bankruptcy attorney can cause you to lose precious assets
that could have been saved! At DeLoache Law Office, we have more than
two decades of dedicated experience assisting individuals through the
method of debt relief that protects their assets. Our Jonesboro bankruptcy
lawyers can provide the insightful guidance you need to implement your
financial fresh start.
Contact us today
to learn if petitioning for a liquidation bankruptcy is right for you.
Choose exemptions that protect your assets.
Arkansas law allows individuals who are declaring bankruptcy to choose
either the federal or state exemption conditions. This provides you the
freedom to select the method that is most advantageous to you and your family.
While the basics in both methods are similar, choosing the right option
can make a significant difference in determining how much of your properties
and assets you will be able to retain.
Whether you opt to file under federal or state exemption guidelines, with
a Chapter 7 bankruptcy you have the opportunity to
protect many of your assets and personal property, including your:
- Household furnishings
- Life insurance policies
- Tools of your trade
- Social security, unemployment, veteran's, and disability benefits
- Retirement accounts
- Court awarded judgments
- Workers' compensation