Bankruptcy Exemptions in Arkansas: Protect Your Assets in Jonesboro

Are You Concerned About Losing Your Home or Car in Jonesboro?

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 of debt liquidation 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.

Understanding Bankruptcy Exemptions in Arkansas

Exemptions typically 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 to 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.

Key Bankruptcy Exemptions in Arkansas Include:

• Homestead Protection — Arkansas offers two systems for protecting your homestead property. You must choose one system for your property.
  • System A: Unlimited equity in 80 rural acres or 1/4 urban acre. For land worth less than $2500, the acreage can be increased up to 160 rural acres and one urban care by whatever amount is needed to bring it up to the $2500 value.
  • System B: Property worth up to $800 if you are single or $1250 if you are married
• Personal Property Exemptions — Apparel has an unlimited exemption. 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. The federal bankruptcy exemptions are allowed.
• Motor Vehicle Exemption - Equity up to $1200
• Tax-Exempt Retirement Accounts - These include any 401(k)s, SIMPLE IRAs, and profit-sharing plans
• Tools of the Trade Exemption - Up to $750 in any items used in your profession
• Public Benefits Exemption - Any value in your unemployment, workers', or crime victims' compensation

Any debtor can exempt a property used as a residence by themselves or a dependent. Married debtors, or those who head a family, can exempt a rural or urban homestead.

Get Experienced Legal Help 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.

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