Arkansas Bankruptcy Lawyer
Frequently Asked Bankruptcy Questions
Do I have to list ALL my debts?
By law, a person seeking bankruptcy protection is required to list ALL debts, assets, and properties. If you do not want a specific debt discharged, discuss that with your Arkansas bankruptcy attorney and he will discuss the procedure by which you can reaffirm that particular debt. A discharged debt can still be voluntarily paid after the bankruptcy proceeding is concluded.
After I file for bankruptcy, will I lose my home, car, and other property pledged as collateral to assure debt payment?
One of the primary purposes of bankruptcy protection is to allow you to keep your property by changing the repayment terms through a Chapter 13 (individual) or Chapter 11 (business) bankruptcy. To keep property such as homes and cars, you must disclose what you have and propose a plan to pay off your secured debts. Our Arkansas bankruptcy attorneys will send a statement to the lender explaining what secured property you intend to keep and how you will pay it off.
A home and car is what is called secured property. Normally, you do not lose secured property as long as the value of that property is paid over time through a Chapter 13 Bankruptcy. This is one of the main purposes of using Chapter 13 instead of Chapter 7.
What is the best way to protect my property during my bankruptcy?
In Arkansas, you can use either federal or state exemptions. Our Arkansas bankruptcy attorneys can help you choose which exemptions apply to your situation, and we can help you fill out your petition. It is important to us that you keep everything you have, so we make sure your petition is accurate and detailed. If we believe any of your assets are at risk, we will discuss this before we file your petition.
What is a reaffirmation?
A reaffirmation is a legal agreement that makes you liable for your debt, despite filing bankruptcy. The document must be signed and approved by the court. Our Arkansas law firm strongly discourages you from reaffirming any unnecessary debts.
Will filing bankruptcy affect my credit?
Bankruptcy can appear on your credit score for no more than 10 years and in some instances filing bankruptcy may not affect or lower your credit score. Filing bankruptcy wipes out your debts, so you can be in a better position to pay your current bills and obtain new credit when needed.
Will I have to go to court?
You will be asked to attend a “meeting of creditors” with your attorney. The purpose of this meeting is to give the Bankruptcy Trustee and the creditors an opportunity to appear and ask you questions about the bankruptcy schedules that list the financial facts relevant to your bankruptcy petition. Usually, the only one to appear is the Bankruptcy Trustee. Remember, an experienced bankruptcy attorney will be there with you and can do most of the talking. It is a very informal meeting/process and a routine step taken in all bankruptcy cases. There is no reason for you to be stressed about this meeting. Occasionally your Trustee or Creditor may file an objection, motion, or other pleading in your bankruptcy protection plan. These filings are automatically scheduled for hearing with the court; however, most matters can be resolved in advance (cancelling the court date). If a matter is not resolved, you may have to appear before a judge at a hearing.
Will my bankruptcy be published in the paper?
Your bankruptcy filing is a public record kept at the bankruptcy courthouse. Newspapers may obtain the filing and publish it; however, there is no requirement that it be published.
*We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
*The No Fee Guarantee® does not apply to bankruptcy cases.
Locations
Little Rock Office
6315 Ranch Drive
Little Rock, AR 72223
(800) 434-4800
Rogers Office
3300 Market Street
Suite 118
Rogers, AR 72758
(800) 434-4800
Conway Office
1355 Dave Ward Drive
Suite 105
Conway, AR 72034
(800) 434-4800
Hot Springs Office
3948 Central Avenue Suite D
Hot Springs, AR 71913
(800) 434-4800
Free Initial Consultation
We’ve got Arkansas covered. With four offices in Arkansas—Little Rock, Rogers, Conway, and Hot Springs—our Arkansas bankruptcy lawyers are easily accessible when you need help. Whether you have been involved in a commercial or consumer bankruptcy, get the help of an experienced attorney with a proven track record—contact Rainwater, Holt & Sexton Injury Lawyers. Fill out a free contact request form, which only takes a minute, or simply dial (800) 434-4800 and tell us about your story.
