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A Chapter 7 Bankruptcy in Arkansas is classic bankruptcy liquidation, meaning what you classically think about bankruptcy – you file, disclose all your assets and debts to the Bankruptcy Trustee, and all your debts are relieved. As part of this, all your non-exempt assets (the assets that exceed the dollar value you are allowed to keep under your exclusions) are turned over to your Chapter 7 Trustee to be sold, and the resulting profits are distributed to your creditors. Do not worry, in Arkansas you have two forms of exemptions:
1. You can take the Arkansas exemptions, which will give you almost limitless value in your home.
2. The other option is to take the federal exemptions, which for most people includes all or almost all of your personal property.
Call us today, as experienced Arkansas Bankruptcy Attorneys, we can help you with your options for exemptions. We will sit down with you for a free Strategy Session and discuss all the options you have.
Some debts in a Chapter 7 Bankruptcy are not dischargeable. These generally include taxes, support obligations, or student loans (although there is some movement about student loan discharges in Arkansas right now).
There are protections in an Arkansas Bankruptcy for things like qualified retirement funds such as IRA and 401(k) plans, but this is an area where you need an experienced Arkansas Chapter 7 Bankruptcy Attorney to assist you. These rules and amounts are complex – know your rights before you file.
The typical bankruptcy lasts about four (4) months. It generally only requires you to appear in court one time before a Chapter 7 Bankruptcy Trustee and not the Judge. Your 341 meeting of creditors, as it is called, does not generally last more than ten (10) minutes, and generally no creditors show up to ask any questions. We will be by your side during this meeting, which we will prepare you for.
After we our meeting with the Trustee, we will assist you with any reaffirmation agreements you want to execute so that you can keep your house or your car. This process allows you to continue to pay on the debt, and the debt survives bankruptcy so you can keep your house or car(s). Generally in about 60 days after the 341 meeting, you will receive your discharge, and your bankruptcy is complete.
An Arkansas Chapter 13 Bankruptcy is a great way for debt repayment if you earn a steady wage. An Arkansas Chapter 13 bankruptcy is different than a Chapter 7 Bankruptcy because rather than selling nonexempt assets to pay creditors, you will use your normal paycheck to make payments through Chapter 13 “Plan Payments.” These Plan Payments are paid from your paycheck, and the Bankruptcy Trustee makes payments to your creditors for three to five years (Depending on your income). After successfully completing your plan, creditors will have received some or all of what you owe them, and if you still owe anything the remaining debt is fully discharged.
Chapter 13 provides great benefits:
1. You keep all your assets.
2. You are eligible for Chapter 13.
3. Great if you owe taxes.
4. Lower Attorney fees to start.
Make your appointment for a free Strategy Session today to see how filing a Chapter 13 Bankruptcy in Arkansas can relieve your debt, allow you and your family a fresh start without having to sacrifice any of your assets. Our Experienced Bankruptcy Attorneys can walk you through the process of preparing and filing your Chapter 13 Bankruptcy Petition.
Every client is unique and our job is to take all the different parts and pieces to draft a Bankruptcy Petition that is Legal and secure.
If you are in the business of farming in Arkansas, the Chapter 12 Bankruptcy may be for you. Protect your family land and get out of crushing debt with a family farmers bankruptcy. While Chapter 12 Bankruptcies are not as popular as a Chapter 7 or a Chapter 13 bankruptcy, they are one of the most powerful bankruptcy options. Because of the seasonality of your business, this allows you to have once a year payment plans instead of monthly payments like a Chapter 13 plan.
Some of the Chapter 12 Arkansas Farmer Bankruptcy Benefits are:
1. Annual Payments (pay at harvest time) when you have money and use funds you need for next crop.
2. Cram down of Secured debt (if you owe $500,000 on your land, and it is worth $400,000 we can eliminate $100,000 of debt).
3. Flexibility on how repayment happens over the three (3) to five (5) years of your plan.
4. If you have to sell your property you may not have to pay the federal tax on the sale.
5. If weather hampers your repayment plan, you might be able to have all the debt discharged.
Most Arkansas Bankruptcy Attorneys are not experienced in Chapter 12 Bankruptcies, Contact us today for a free Strategy Session so we can see if you qualify and it is the right bankruptcy option for you. We help clients all in all 75 Arkansas counties file Chapter 12 Bankruptcies.