How To File For Chapter 13 Bankruptcy in Arkansas
Call on our West Memphis bankruptcy lawyer!
Whether you have acquired overwhelming debts due to a recent job loss or unexpected medical expenses, our firm is here to provide the financial guidance you need. Chapter 13 bankruptcy can be an extremely effective tool, but may not be right for every individual's situation. That is why we offer free, no-obligations where we can assess your financial situation and help you determine the best step forward.
When you work with our West Memphis bankruptcy attorney at DeLoache Law Office, you will quickly realize that we are a client-centered legal team that is focused on helping you get back on your feet. We understand how hard it can be to struggle with debt, which is why we are passionate about resolving your debts in an effective manner. Let us review your situation today!
Do I qualify for Chapter 13 bankruptcy?
People often believe that bankruptcy is not right for them since they still have a job or make money every month. However, even with monthly income left over after paying bills and necessary expenses, you could still be facing severe and overwhelming debt. There is a solution for those that have enough income to work with; Chapter 13 bankruptcy is commonly known as the restructuring or reorganization chapter of bankruptcy. In this chapter, you can work with creditors to create a repayment plan that is doable for your monthly income and allows you to effectively pay off debt over time.
Some of the most helpful benefits of Chapter 13 include:
- Restructuring of secured debts
- Discharge a majority of unsecured debt
- Can put a stop to foreclosure
- You keep a majority of assets, such as car, home, and real estate
- Puts a stop to creditor action
You will need to work with a West Memphis bankruptcy lawyer to come up with a repayment plan that creditors and the bankruptcy court will be happy with. You will also need a legal advocate to represent your interests and rights throughout the process.
If you have more questions about Chapter 13 bankruptcy or would like to discuss your financial situation, please contact DeLoache Law Office today!
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Am I Eligible for BankruptcyTo see if bankruptcy is the right process for you, you will have to take a means test first. This will determine if a Chapter 7 or Chapter 13 is best for your situation. When a client works with us, we will thoroughly review your financial situation, answer any questions you may have, and determine if you meet the specific requirements. -
Bankruptcy OptionsWhile bankruptcy provides numerous individuals with the opportunity for a fresh financial start, the process is not right for everyone. When an individual works with us, we will obtain a complete understanding of their situation, explore all the options, and determine what the most suitable course of action for them is. While Chapter 7 is best for many individuals, Chapter 13 is more suitable for others.
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Benefits of BankruptcyAlthough many people view bankruptcy in a negative way, it is actually the opportunity for a fresh financial start. Filing for bankruptcy will put an end to creditor harassment, and stop processes such as foreclosure and repossession. Filing for bankruptcy will provide you with the opportunity to move forward, and leave the debt behind you as you rebuild your credit.
