Frequently Asked Bankruptcy Questions

Arkansas Bankruptcy Lawyer

What kinds of debts can be discharged under bankruptcy in Arkansas?

Many types of unsecured debts, unsecured loans, and old account balances can be discharged under Chapter 7 bankruptcy, including credit card bills, medical bills, and personal loans.

Debts that cannot be discharged by Chapter 7 or Chapter 13 bankruptcy include:

  • Alimony and Child Support
  • Student Loans
  • Criminal fines or penalties
  • Civil judgments against you resulting from DWI convictions or fraud.

Will filing bankruptcy affect my credit?

Bankruptcy can appear on your credit score for no more than 10 years. 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.

How long does bankruptcy take?

After filing a Chapter 7 bankruptcy petition, your debts may be discharged—or forgiven—in as little as three to six months. If you choose to file Chapter 13 bankruptcy, you can start making your court-ordered payments within 30 days of filing your petition. Court-ordered payment plans under Chapter 13 bankruptcy can take 3-5 years to complete.

How much does it cost to file bankruptcy in Arkansas?

Visit the U.S. Courts bankruptcy filing fees page to see an up-to-date schedule of consumer and commercial bankruptcy filing fees. Based on your financial situation, you may be able to waive the filing fee or pay it in installments.

Where can I file bankruptcy in Arkansas?

You are required to file bankruptcy in the federal court district where you have lived or maintained a permanent residence for the last 180 days before you file. If you’ve moved recently, you must file in the district where you’ve lived for the most amount of time within the last 180 days.

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 or she will discuss the procedure by which you can reaffirm that particular debt.

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.

After I file for bankruptcy, will I lose my home, car, and other property 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) bankruptcy.

Normally, you do not lose secured property—such as a home or car—as long as its value is factored into a Chapter 13 bankruptcy repayment plan. This is one of the main purposes of filing Chapter 13 instead of Chapter 7.

What is the best way to protect my property during bankruptcy?

In Arkansas, you can use either federal or state exemptions. Our Arkansas bankruptcy attorneys will help you best determine 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.

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.

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 (canceling the court date). If a matter is not resolved, you may have to appear before a judge at a hearing.

Get the answers you need

Still have questions about how bankruptcy will affect your financial situation? We’re here to help. Download our free Bankruptcy FAQ PDF to find the answers to other common questions about filing bankruptcy. We can review your records and help you determine if bankruptcy is the right solution for you.

*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.

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