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Leading Arkansas Bankruptcy Lawyers

• Are you overwhelmed with debt each month?
• Do you hesitate to open your mail because you may find another overdue bill?
• Do you dismiss unknown calls on your cell phone because you suspect a bill collector is calling?

If you can relate to these situations, it’s time to reach out for help. Filing for bankruptcy protection may be the best alternative to help you address your financial circumstances. The experienced Rogers bankruptcy attorneys at Caddell Reynolds can help you discharge your obligations or develop a reorganization plan to get your debts under control and your life back on track.

The Rogers bankruptcy lawyers at Caddell Reynolds Law Firm can discuss your unique situation and help you understand your legal options. trust our firm for the help you need. contact our experienced bankruptcy lawyers for a free consultation today.

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Rogers Bankruptcy Lawyer Guide

• How Do I File For Bankruptcy?
• Why You Should Work With the Rogers Bankruptcy Lawyers at Caddell Reynolds Law Firm
• What are the Most Common Reasons People Go Bankrupt?
• Caddell Reynolds Law Firm Can Help

What Is Bankruptcy?

Bankruptcy is the legal process of discharging (canceling or wiping out) debt with a court’s approval. There are several types, or chapters, of bankruptcy, each with its pros and cons.

Generally, two main types of bankruptcy apply to individuals—Chapter 13 and Chapter 7. If you are considering bankruptcy to help resolve your personal debts, choosing one of these options will depend on your complete financial situation and the type of debt you need to manage.

Our Rogers personal injury lawyers can help you decide what type of bankruptcy will work best for your personal debt and financial situation and how to minimize certain risks, such as being forced to forfeit or give up assets to pay off your obligations.

In some cases, bankruptcy is not the best option for debt relief. During a free consultation, we can explain if bankruptcy is inappropriate for your situation.

How Do I File For Bankruptcy?

Working with our knowledgeable bankruptcy attorneys makes filing for bankruptcy can be a simple, straightforward process. We are here to guide you through the entire process from start to finish, starting with determining the best type of bankruptcy for your needs.

Most individual  bankruptcy clients can benefit from one of these two bankruptcy types:

• Chapter 7: If you can pass a means test that compares your income to that of the average household in your state, you might be able to file for Chapter 7 bankruptcy. This chapter can discharge (wipe out) a large amount of debt all at once.
• Chapter 13: If you want to discharge some debt but can pay a portion of other debt because you still earn an income, you may prefer a Chapter 13 bankruptcy.  This form of bankruptcy usually puts less of your property at risk and creates a smaller impact on your credit score.

After determining which bankruptcy format is right for you, we can help you with the filing process. Together, we’ll create a debt relief plan that explains how your debt will be discharged, which creditors will be able to claim certain property, if any, and why your debt situation should be resolved according to our plan.

Depending on your bankruptcy type and case details, this plan could be reviewed by creditors before being taken to the bankruptcy court for an official review. Once the court has your proposed plan, it will either approve it or deny it.

Our goal is to ensure your bankruptcy plan is approved in the first round so you can start down the path of debt relief sooner rather than later.

Why You Should Work With the Rogers Bankruptcy Lawyers at Caddell Reynolds Law Firm

In Rogers, AR, you can choose from many bankruptcy law firms, so why hire us? We think the decision is simple once you learn more about what makes Caddell Reynolds Law Firm stand out.

Our legal team has more than 100 years of collective legal experience that we can use to make your legal experience as smooth as possible. We answer client calls 24/7, and we’ve built a solid reputation for prioritizing our clients’ needs and expectations in many different types of cases.

What are the Most Common Reasons People Go Bankrupt?

When you contact a lawyer and begin filing for bankruptcy in Arkansas, you may feel like you are the only person facing this process. This is simply not true.

Before the pandemic, almost 778,000 people filed for bankruptcy in the United States. During the pandemic, bankruptcy filings dropped because the government issued relief aid payments to help people make ends meet. Since then, the average number of bankruptcy filings has remained around 387,000 for the past few years.

While every person has a story to tell about how they went upside down with their finances, there are several common reasons people struggle with their finances and need to file for bankruptcy protection with the help of a bankruptcy lawyer.

Three of the most common situations that can lead to bankruptcy are:

Medical Costs

Many people who are facing bankruptcy have incurred excessive debt in the form of medical expenses. Over 60 percent of personal bankruptcies are filed because the person was unexpectedly injured or became ill and the medical bills piled up quickly.

Sadly, approximately 78 percent of people who filed bankruptcy because they couldn’t pay their medical expenses had medical insurance. The simple truth is that even when you have savings, retirement accounts, and assets to liquefy, it sometimes still isn’t enough to handle the costs associated with a severe medical condition or serious injury.

Job Loss

Another common reason people go bankrupt is from losing their jobs. This issue can manifest in a few different ways. While the loss of income will always be a bit jarring, what comes next is often the real challenge.

Severance packages are increasingly less common, and unemployment only pays a fraction of what you originally earned. An emergency fund can help bridge the gap, but only temporarily, and you may have more expenses, like COBRA insurance or job hunting costs.

Turning to credit cards is often the only way to make ends meet. Even if you do find a job that pays as much or more than you made before, the damage may already be done.

Major Unexpected Expenses

Finally, unexpected expenses can pop up. Whether the debts stem from a divorce, storm damage to your home, or a car that dies after you have it paid off, it can be difficult to budget for these expenses.

Divorce carries so many legal fees, the loss of assets, and additional living expenses it can make it impossible to leave your marriage. Put simply, two people need more household income when dividing assets and supporting two homes than when they lived together.

Also, unexpected damage to your home or vehicle can be expensive to repair and may not be covered by your insurance plans. Even if you have savings set aside, it only takes one major event to wipe out an emergency fund.

Caddell Reynolds Law Firm Can Help

We know that reckless spending is rarely why people file for bankruptcy in Arkansas. Most people have experienced unforeseen tragedies, unexpectedly high medical bills, a job loss, a divorce, or other major sudden expenses and have difficulty paying what they owe, let alone getting ahead afterward.

If your bills have gotten out of hand, don’t be afraid to talk to a Rogers bankruptcy lawyer at Caddell Reynolds today. To learn more about how our skilled bankruptcy attorneys can help you resolve your debt problems, contact us online or call (479) 252-9303 now.

Our lawyers are ready to help you find the light at the end of the debt tunnel. Reach out now.

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Caddell Reynolds Law Firm – Rogers Office

211 N 2nd St, Rogers, AR 72756
P: (479) 252-9303

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