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.