Filing for Bankruptcy in Cabot, AR
Practically everyone experiences the burden of debt at some point in their lifetimes. If you are struggling to overcome your debts but you can’t seem to make any leeway, it may be time to see if a bankruptcy attorney Cabot, AR can help you. Bankruptcy lawyers like Mr. Crawley know how to provide clients like you with advice for overcoming your overwhelming debt and coming out with a solid financial recovery plan on the other side.
A bankruptcy lawyer Cabot, AR may be right for you if you’re facing mountains of debt that you can’t possibly pay back. In this situation, bankruptcy may be the most viable course of action to take. Here are a few signs you may be better off filing for bankruptcy than trying in vain to pay off your debts.
• Your house is about to go into foreclosure because you can’t pay your debts
• You have massive medical bills you can’t possibly handle
• You’ve been unemployed for months and have no way to repay your debts
• Your car is going to be repossessed
If any of the above situations apply to you, bankruptcy may be the only possible option for you to take unless you want to lose everything. A bankruptcy attorney in Cabot, AR can help you navigate the complicated regulations and processes associated with bankruptcy law.
What To Know About Filing for Bankruptcy in Cabot, AR
There are different types (or “chapters”) of bankruptcy. You should have a general idea of what they are so you know which type is most appropriate for you to pursue. Two of the most common chapters of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy. A bankruptcy attorney Cabot, AR can help you determine which type is most appropriate for your situation. Here are a few details about these two common types of bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of bankruptcy. In most cases, it lasts about four or five months. It’s often referred to as “liquidation” bankruptcy because it is used to help married couples, businesses or individuals wipe out the bulk of their debts.
When someone doesn’t have the money required to pay off debts, Chapter 7 bankruptcy is often recommended. Most people who file for this chapter of bankruptcy don’t lose their property and are able to hang onto their personal belongings as well.
Chapter 13 Bankruptcy
Under Chapter 13 bankruptcy, debtors can retain possession of their major assets (such as vehicles, homes, retirement accounts, etc.) by simply restructuring their debts. Crawley Law Firm in Cabot, AR can help you determine whether Chapter 13 bankruptcy is most appropriate for your current situation. Mr. Crawley can also settle non-exempt and exempt items while waiting for a judge to provide approval for the repayment plan. Clearing debt with Chapter 13 bankruptcy can take up to five years or even longer, so those who choose this plan should understand that they’re in it for the long haul.
Give Us a Call To Claim Your Complimentary Consultation
We would love to provide you with a complimentary consultation to help you determine if bankruptcy is the right next step for you. Contact us today to get started.