Complete Legal Advice Through Bankruptcy
Arkansas’ Best Bankruptcy Attorney
If you’re dealing with a large amount of burdensome debt that is keeping you in a hole, it’s important to seek economic assistance immediately before it gets worse. The experienced bankruptcy attorney at Crawley Law Firm can provide informed financial suggestions and guidance to residents of Northeast Arkansas area. We have vast knowledge in the field, so we are uniquely specialized to give you the right information. You can get yourself out of debt and into better financial standing with solid planning and restructuring. Because there are so many nuances in bankruptcy law, it’s crucial that you seek the help of a qualified bankruptcy lawyer who can get you on the right track.
Filing For Bankruptcy In Arkansas
A bankruptcy attorney can go through the myriad of options available in these circumstances and aid you in selecting the one that makes the most sense for your particular situation. This area of law is broken down into chapters, of which we commonly proceed with Chapter 7 and Chapter 13 bankruptcy among others. Depending on the details of your case, these alternatives can help you get your affairs in order with time. You can consult with Mr. Crawley to have him get acquainted with your case and offer you sound advice.
Generally, Chapter 7 bankruptcy will consist of turning a debtor’s non-exempt assets into cash. This type of bankruptcy is called a “liquidation” bankruptcy and is available to people who don’t make enough money to pay their debts. Once the bankruptcy is discharged, a trustee or bankruptcy lawyer can be assigned to distribute liquid assets to creditors. In Chapter 13 bankruptcy, a restructuring of debt payments takes place, which allows debtors to maintain major assets. Some of these exemptions could include assets like your home, retirement accounts, and car among others. A bankruptcy attorney can settle what are exempt and non-exempt items, and a judge will approve a repayment plan. These arrangements can span three to five years or more, and any remaining debts are cleared after that.
Bankruptcy FAQs – Understanding The Chapters Of Bankruptcy
Depending on the circumstances, different types of bankruptcy are appropriate. They are referred to by their chapter titles in the U.S. Bankruptcy Code. The most commonly filed chapters are 7, 11, 12, and 13.
Functions of Bankruptcy
A bankruptcy filing is not a cure-all for indebted people, but it can relieve a great deal of the burden of debt. Here is what bankruptcy is designed to do:
Eliminate Or Reduce Unsecured Debt
Nullify Certain Liens
Keep in mind that not every type of debt is avoidable (able to be eliminated) in bankruptcy. In later articles, as we explore each chapter, we’ll spell out the specific benefits, limitations, and applicability of each.
Halt Collection Attempts
Set A Free Consultation
Crawley Law Firm can assist you in getting your finances under control. Make your financial future a priority with a qualified professional to point you in the right direction. Reach out to set up a free consultation with a bankruptcy attorney.