Arkansas Bankruptcy Attorney

Do I qualify for bankruptcy?

Filing for bankruptcy under Chapter 7 or Chapter 13 can give you the breathing room you need to eliminate or pay back your debt. At Rainwater, Holt & Sexton, our Arkansas bankruptcy attorneys are here to help determine the type of consumer bankruptcy that works best for your financial situation.

The Chapter 7 Bankruptcy Means Test

If you’ve never filed bankruptcy before, the means test is the most important factor determining your eligibility to file Chapter 7 bankruptcy in Arkansas. The means test compares your household income to the median income for a household of the same size in Arkansas. You can find up-to-date income figures for households in Arkansas here.

If your household income is less than the median, you automatically qualify for Chapter 7 bankruptcy. If your household makes more than the median, the means test compares your income against your debts to determine if you have the “means” to pay repay your debts without filing Chapter 7. If your debts include excessive equity in a house or car, you must file under Chapter 13 to safeguard those assets.

Want to learn more? Download our Bankruptcy and Your Property PDFfor additional information about the means test and the requirements for filing under Chapter 7.

Chapter 13 Eligibility in Arkansas

To qualify for Chapter 13 bankruptcy, you—or you and your spouse, if you file joint bankruptcy—must:

  • show adequate income to meet the terms of a court-ordered payment plan;
  • demonstrate that your total secured and unsecured debt falls within limits set by the Bankruptcy Code; and
  • prove that you’ve filed state and federal income taxes for the past four years.

Bankruptcy Time Limits

The law places strict limits on how often you can file Chapter 7 or Chapter 13 bankruptcy—regardless of which type of bankruptcy you file first.

If you’ve filed bankruptcy before, our Arkansas bankruptcy lawyers can help determine if enough time has passed for you to be eligible to file again. We’ve created this Bankruptcy and Your Property PDF to help you learn more about filing multiple bankruptcies.

*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

We're taking care of Arkansas.

Arkansas is our home and we want to make sure our neighbors and friends are supported.  With four offices in Arkansas—Little Rock, Fayetteville, Conway, and Hot Springs—our Arkansas personal injury lawyers are easily accessible when you need help.

Our experienced injury attorneys are here to advocate for you.

We help you Weather the Storm

Tell us how we can help.

Rainwater, Holt & Sexton Injury Law Blog

Saving your vehicle in bankruptcy

We all need our vehicle. It gets us to and from work, it gets us to the grocery store, and many other places. But what happens if you file for bankruptcy? You might worry about keeping that vehicle, especially if it’s the source of your money problems. A Rainwater, Holt & Sexton bankruptcy attorney is… Read more »

Read More

Bankruptcy Is Not An End Game

People seek protection from the bankruptcy court for many different reasons.  Sometimes it is a business idea that did not work out as planned.  Sometimes it is an unexpected illness or another catastrophic event that causes unexpected expenses.  Sometimes it is the result of a job loss or other expected reduction in family income.  Sometimes… Read more »

Read More

Considering Bankruptcy? You Can Make Things Right

Living paycheck to paycheck is simply part of life for many in Arkansas. When everything is going right, you have enough to pay your bills and perhaps a little left over. But when things go wrong, your financial situation can quickly deteriorate and leave you wondering how you’re ever going to again make ends meet. At… Read more »

Read More