Arkansas Bankruptcy Attorney
Filing for Bankruptcy in Arkansas
- Are you drowning in debt?
- Do you avoid opening your mail?
- Is your home in foreclosure or near foreclosure?
- Do you avoid answering calls from an unknown caller out of fear it will be a bill collector?
If any of these are true, Bankruptcy may be a solution for you.
Caddell Reynolds Law Firm is a respected Bankruptcy law firm dedicated to helping people in Arkansas reorganize debt and get their lives back on track. If you are facing significant, seemingly insurmountable debt that is threatening your home, your business, or your overall well-being, our Arkansas Bankruptcy attorneys can help. We can walk you through your options and guide you through the process of filing for Bankruptcy or seeking alternative forms of debt relief.
Bankruptcy law is complicated, but you don’t have to go through it alone. Caddell Reynolds Law Firm is here to help you through this difficult time so you can move on to the good things in life.
To schedule a confidential consultation with a member of our team, call (800) 889-6944 or submit an online contact form today.
Chapter 7 Bankruptcy
This is bankruptcy for individuals who need a fresh start. To qualify for Chapter 7 bankruptcy your income can be no more than the median income of others in the state. Debts that will be discharged include:
- Past due rent and utility bills
- Unsecured credit card debt
- Medical bills
- Delinquent taxes more than three years old
Debts you will still owe at the close of the Chapter 7 proceedings include:
- Student loans
- Taxes incurred within the last three years
- Past due child support and alimony
- Any court-imposed fines or judgments
If you have a mortgage or a car loan and want to keep your house or vehicle, you will need to continue making those payments.
Chapter 11 Bankruptcy
If your business is viable but you are facing debt problems—including potential legal actions by creditors—and have difficulty making timely payments, Chapter 11 may be your best option. Rather than a liquidation bankruptcy like Chapter 7—in which assets are sold off to satisfy creditors—Chapter 11 is a reorganization or restructuring which allows a business to remain in operation.
Chapter 11 provides a legal way to give a business a fresh start. In Chapter 11, an individual or business may be able to negotiate new agreements and payment schedules with creditors. During a period of financial hardship, a business or individual in Chapter 11 may—with approval of the Bankruptcy Court—be able to resolve problem debts and reduce amounts due. When done carefully and correctly, Chapter 11 allows for a positive reorganization.
Chapter 12 Bankruptcy
If you have a farming or fishing business and are facing massive debt, consider Chapter 12. Chapter 12 bankruptcy is designed specifically for family farmers, family fishermen, and individuals who cut timber in their ordinary course of business. This includes family farms or fishing operations that are incorporated or involved in partnerships, provided the farmer or fisherman has regular annual income.
The payment structure of a Chapter 12 bankruptcy follows the harvest seasons when farmers or fishermen earn the majority of their income, rather than requiring that payments are made throughout the year. While under a proposed Chapter 12 plan, a family farmer or fisherman must prove they are financially stable enough to make payments and will have enough left over to provide for their family.
Chapter 13 Bankruptcy
If you have enough income to continue making your payments but have gotten behind and need a chance to catch up, chapter 13 bankruptcy allows you to reorganize your financial life. You can pay your past-due debts over a three- to five-year period. If you comply with the terms of your repayment plan, remaining debts may be discharged.
A bankruptcy is not only filed to protect a debtor from his or her creditors or collectors during times of financial hardship. Of course, if you find yourself in default on a mortgage or vehicle, or are being sued by a creditor or collector are usually experiencing a downturn in their finances.
Some consumers may pass through a time of hardship, have recovered, but are having trouble bringing their debts back to a current status. Any of these events and others can drive people into bankruptcy.
Bankruptcy can be used not only as a shield to protect oneself from their creditors and collectors, but also as a sword to combat creditors and collectors who are engaging in unlawful and unjust practices.
In bankruptcy, the consumer (or debtor as one who files bankruptcy is called) can protect their property and assets while prosecuting claims against their creditors and collectors before the Federal Bankruptcy Courts.
Bankruptcy Courts, in many circumstances, enjoy what is referred to as supplemental or pendent jurisdiction. This means that a claim that could be brought before a state court or a Federal District Court can be brought before the Bankruptcy Court while one’s property and assets are protected.
Whether claims arise from mortgage servicing abuse, mortgage modifications, Fair Debt Collection Practices Act violations or a number of other sources of consumer strife, the Bankruptcy Court may be the best venue to assert one’s claims.
Hire Caddell Reynolds to Handle Your Bankruptcy Case
If you find yourself in default on a mortgage or vehicle or are being sued by a creditor or collector, relief is available. Even if you have passed through a time of financial hardship but are still having trouble bringing your debts back to a current status, Bankruptcy may be a solution.
At Caddell Reynolds Law Firm, we want to be your advocate so you can feel protected and have your voice heard through the legal system. Our goal is to provide a protective shield around you and your family in your time of need.
If you have questions about filing for Bankruptcy or debt relief, we can help you find answers. Let our experienced attorneys help protect your rights and provide the personalized representation you deserve. We are available to take your call 24 hours a day, 7 days a week.
Is there a certain amount of debt to qualify for bankruptcy?
There is no specific amount of debt you need to be under to qualify for bankruptcy. It just needs to be an overwhelming amount that you cannot reasonably repay given your financial situation and what is likely to transpire in the future. A bankruptcy judge can reject your proposal if they think you could find another way to eliminate your debt that didn’t depend on bankruptcy. Although, to qualify for Chapter 7 bankruptcy, you need to pass a means test that compares your income to that of the average similar household in your state.
Do you need a lawyer to file for bankruptcy?
You do not need to hire a bankruptcy lawyer, just as how you do not need to hire one for a personal injury claim or criminal defense case. However, just as it is in those situations, too, getting an attorney on your side is always advised. A lawyer can prepare your case to give it a strong chance of being approved by the bankruptcy court while also eliminating as much debt as possible. If you file for bankruptcy alone, then you could risk a higher chance of keeping some of your debt. Or you might have to file multiple times for your case to be approved, and you need to pay legal fees with each filing.
Who will know if I file for bankruptcy?
The only parties that will know that you filed for bankruptcy are the bankruptcy court and any creditors who own one of your debts. No one else will know—not your employer, family, or friends— unless you tell them, so please don’t hesitate to explore your bankruptcy options because you’re worried that people will know you had a financial misstep.
- Protecting Assets When Filing for Bankruptcy
- What Are The Differences Between Chapter 7, Chapter 11 and Chapter 13 Bankruptcies
Reach us Online or by phone at (800) 889-6944 today to get started with an initial consultation.
Q:What is Bankruptcy?
A:Bankruptcy is the process in which a person legally declares they are unable to pay outstanding debts. Filing for Bankruptcy does not necessarily indicate failure or mismanagement of money. Debt problems can arise from situations over which a person has little or no control, such as a divorce, the death of a spouse, the loss of a job, a reduction in income, business failures, etc. The Bankruptcy Code allows for various protections for people and businesses with the same goal in mind—the organized repayment (through either Chapter 13, 12, or 11) of some or all debts when repayment is an option or a fresh start discharge in Chapter 7 when there is no means of paying off debt. In all cases, property such as homes and vehicles can be protected. A business may also declare Bankruptcy, under the terms of which they will either liquidate their assets and close, or they will restructure and continue to operate as they offer payments to creditors.
Q:How do I file for Bankruptcy?
A:To file for Bankruptcy, a debtor, whether an individual or business, will have to gather documents to help in the creation of Bankruptcy schedules and states. Some of these documents will be provided to certain entities, such as the United States Trustee, the trustee for the type of case you file, and sometimes the court. Such documents may include monthly debt statements, dunning letters, letters from debt collectors and debt buyers, tax returns or transcripts, and W-2s. An experienced Bankruptcy attorney at our firm can provide you with a list of documents needed to complete your schedules. With these documents and through meetings with you, your attorney can create the necessary schedules, statements, and, when appropriate, plans of reorganization. This will provide you, your creditors, and the court with the best possible understanding of your exact financial situation.
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