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The federal bankruptcy laws are complicated. To determine which type of bankruptcy is most appropriate, I will need to do a detailed investigation into your financial affairs, which includes looking at your debt and present and past income. I will also need to know the number of members in your household and the property you own now and have owned over the last ten years. While this conversation may feel uncomfortable, it is a necessary first step. I do not work with anyone who is engaged in willfully malicious or fraudulent conduct.
If you choose to hire me, I can file a Chapter 7 or Chapter 13 bankruptcy on your behalf, and it will stop creditor harassment and collection activity. But you need to understand that filing for bankruptcy will not get you out of paying child support or most alimony or attorney fees. As a general rule, it is not advisable to file for both a divorce and bankruptcy at the same time. But if you plan to file for bankruptcy while also going through a divorce, it is best to speak to a bankruptcy attorney like me to guide you through the process.
Chapter 7 bankruptcy gives people a fresh start by wiping out some of or all of their debts. Filing a Chapter 7 bankruptcy immediately stops all harassing collection activities. It stops all creditors from suing you.
I want you to understand that certain types of debts cannot be wiped out by bankruptcy. Student loans, certain taxes, parking tickets, and certain criminal-court debt cannot be wiped out and will survive a Chapter 7 bankruptcy. Chapter 7 is most often used when a person has too many medical bills or credit card debts.
When you file for a Chapter 7 bankruptcy, the court-appointed trustee temporarily owns all your property. If you own luxury items or other property unnecessary for the health or your immediate family members, the trustee can liquidate or sell the property to raise money for your creditors. But I can help protect your property using the bankruptcy code and state exemption laws. Of course, this protection does vary with the facts of each case, but you can keep most or all of your property in the majority of cases.
To be eligible to file a Chapter 7 bankruptcy, you must have an income below the median for your family size in Arkansas. That percentage will depend on how much money you earn, the size of your family, and the amount of nonexempt property that you own, among other things.
If you earn more than a certain amount, the court may require you to file a Chapter 13 bankruptcy (a repayment plan) rather than a Chapter 7 bankruptcy. A Chapter 13 bankruptcy requires you to repay at least a percentage of what you owe using a consolidated payment plan. A Chapter 13 bankruptcy allows you to pay back your creditors at a reduced amount over time. A Chapter 13 bankruptcy also allows you to pay off the debts you cannot wipe out in a Chapter 7 bankruptcy, which may include student loans, certain taxes, past-due mortgage payments, or parking tickets.
Yes. Personal bankruptcy is a fundamental constitutional right under article 1, section 8 of the United States Constitution.