Filing for Bankruptcy in Conway, AR
While bankruptcy should be thought of as a last resort for dealing with debt, in some cases it is the only option left. If you are buried in debt that keeps growing larger and you find it impossible to pay it down, please don’t hesitate to turn to Mr. Crawley at Crawley Law Firm. Mr. Crawley is a respected bankruptcy attorney Conway, AR who has extensive experience with credit card debt and repayment and is uniquely qualified to help you navigate the confusing intricacies of bankruptcy law.
Understanding the Main Types of Bankruptcy
There are several different types of bankruptcy. Each type is referred to as a “chapter.” Here at Crawley Law Firm, we can help you understand which chapter of bankruptcy will best fit your individual needs.
Chapter 7 and Chapter 13 bankruptcy are two of the most common types we recommend for our clients. But we may recommend a different type for you depending on your circumstances. In any case, we’ll choose a bankruptcy chapter that we think will be most beneficial for you after sitting down with you and learning more about your unique needs and concerns.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy can help businesses, individuals or married couples wipe out the largest portion of their debts. It is also referred to as “liquidation” bankruptcy and is the most common form of bankruptcy for which people file. It is a short proceeding in most cases and doesn’t typically last longer than five months. Most people who file for Chapter 7 bankruptcy can keep their personal belongings and don’t lose their property.
If you don’t make enough money to pay off your debts, Chapter 7 bankruptcy may work well for you. Before we help you proceed under Chapter 7, we’ll carefully analyze your situation to make sure you won’t lose what you own by going this route.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves restructuring debts so that you can still keep your vehicles, retirement accounts, home and other major assets. There are some items that are considered non-exempt versus exempt in Chapter 13 bankruptcy, and Mr. Crawley can help determine which items fall under each category. It’s important to understand that it can take years to clear remaining debts (up to five years or more in some cases).
Determining Whether You Need Bankruptcy Help
It can be hard to figure out whether you need to hire a bankruptcy lawyer Conway AR to help you file for bankruptcy. While it’s good to want to repay your debts, there are certain situations when bankruptcy is the best course of action to take, including the following:
• Your car is going to be repossessed
• You’re going into foreclosure on your house
• You cannot repay your medical bills
• You haven’t been employed for months and have no way to repay your debts
In these situations, bankruptcy is not only recommended, but it may be unavoidable.