Little Rock Bankruptcy Attorneys
Seek a Fresh Start with 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 you answered yes to the above questions, Bankruptcy may be a solution for you.
Caddell Reynolds Law Firm is a leading Bankruptcy law firm helping people in Little Rock, Arkansas reorganize debt and get their lives back on track.
Little Rock Bankruptcy Lawyers Fighting for You
Let us help you file for Bankruptcy relief. Generally, there are two main types of Bankruptcy that individuals can use to help get out of debt and lift your burden. Which one is best for you depends on your overall financial situation and the type of debt you have.
Bankruptcy law is complicated, but you don’t have to go through it alone. Caddell Reynolds Law Firm is here to help you through your difficult time, so you can move on to the good things in life.
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
This chapter of bankruptcy is for reorganization. It helps businesses create a plan and secure extra time to pay their debts under the supervision of the Bankruptcy Court.
Chapter 12 Bankruptcy
This form of bankruptcy is for "family farmers" or "family fisherman". It enables those with a seasonal income structure.
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 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 arising 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.
What to Do When You Can’t Pay Your Bills Anymore
Several simple strategies can help you manage expenses and cash flow when you can’t pay your bills anymore.
Almost everyone has money problems at some point in their lives. Usually these problems are temporary, but sometimes the situation stretches into a longer term. People who find themselves chronically behind on bills often find themselves asking: What do you do when you can’t pay your bills? Our strategy can help people with cash flow issues get back on their feet and stay there.
Pay Your Vital Bills First
Any service that is essential for living your life—food, shelter, heat, electricity, and transportation—is considered vital. For many, phone service and child care also count as vital. For our purposes, other expenses (medical bills, credit card debt, etc.), are considered non-essential.
First, add up all your vital bills. If the total is affordable, your position is better than you might initially have thought. However, if the vital bills are out of reach, some big moves may be required—literally. Perhaps you will need to relocate to a smaller residence. Still, if keeping up with your mortgage is a persistent issue, keep in mind that the foreclosure process can take months. In other words, you may not have to move quickly.
You may also qualify for discounts on your utilities, for food bank assistance, or food stamps. Significant amounts of money can be freed up by reducing your food budget.
Decide Which Payments to Delay
Once your vital bills are under control, start looking at the types of debt you still have. Some bills can be avoided for a certain amount of time in Arkansas and Oklahoma, although skipped payments will eventually lower your credit score. Nonetheless, credit damage is seldom permanent. First, minimize the more serious risks: auto repossession and foreclosure.
Ignoring a credit card payment typically impacts only your credit rating. Ignoring a car payment, however, can result in repossession. Failure to make federal student loan payments or annual taxes can also carry real-world penalties such as garnished wages. Keep in mind that reduced income is the last thing you want at this point.
Consult an Experienced Bankruptcy Attorney
If shuffling and delaying payments does not significantly improve your situation, you may need to consider a more drastic approach. There are several reasons to file Bankruptcy, most of which are based on the simple fact that incoming funds cannot cover outgoing expenses. Although Bankruptcy is terrifying to most people, in fact it can help you start over on solid ground. Before taking this route, though, it may be a good idea to consider alternatives to Bankruptcy.
If you have exhausted your other options, sitting down with a Bankruptcy attorney is the best solution. He or she will be able to assess your situation and provide valuable advice. Your attorney will be ready and able to help if you decide to proceed. Contact Caddell Reynolds Law Firm for a free consultation today!
Please contact Caddell Reynolds Law Firm to consult a Bankruptcy attorney in Little Rock. Our associates, who also specialize in Personal Injury, Social Security, and disability, can be reached at (800) 889-6944.
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