Arkansas Bankruptcy Lawyer

Choosing the Right Type of Bankruptcy

If you're considering filing bankruptcy, you may be wondering if you should file under Chapter 7 or Chapter 13—or even if bankruptcy is right for you. At Rainwater, Holt & Sexton Injury Lawyers, our Arkansas bankruptcy lawyers understand that everyone's financial situation is different. We're here to answer your questions about consumer bankruptcy, so you can choose the bankruptcy option you need to get a fresh financial start.

3 Factors to Consider Before Filing Bankruptcy

Evaluate these three factors to help determine whether you should file Chapter 7 or Chapter 13 bankruptcy:

  1. Your Income

    We can use our experience and knowledge of the law to help you qualify for Chapter 7. If your income exceeds the median level of income in Arkansas for your household size, must pass the means test to qualify for Chapter 7 bankruptcy.


    The means test measures your disposable income—or the amount of money you have left over after paying living expenses. If your income or disposable income is too high, you may be able to pay off your debts under a Chapter 13 payment plan.

  2. The Amount of Property You Own

    Chapter 7 allows you to quickly eliminate most unsecured debts, including credit card bills, medical bills, and personal loans. This solution may be best if you're facing significant debt and own little or no property. If you have a sizeable amount of equity in your home and a steady income, Chapter 13 can allow you to keep your home while repaying a portion of your debts.

  3. Whether or Not You've Filed Bankruptcy Before

    Bankruptcy laws limit how often you can file for Chapter 7 and Chapter 13 protection. If you've filed bankruptcy in the past, our Arkansas bankruptcy lawyers can help you determine the type of bankruptcy you can file.

Bankruptcy laws can be complex and confusing, and we're here to help provide you with the information you need to take control of your debt. Download our free PDF about choosing the right type of bankruptcy for you, and contact our 24/7 team any time for a free case evaluation.

Single vs. Joint Bankruptcy

If you're married, filing a joint bankruptcy petition with your spouse can help you eliminate all of your dischargeable debts while saving filing costs and preparation time. However, filing individual bankruptcy may be advantageous if your spouse owns property he or she wants to save or has filed bankruptcy in the past.

Wondering how bankruptcy will affect your spouse? Talk to an experienced Arkansas lawyer before you file to help maximize the benefits of Chapter 7 or Chapter 13 bankruptcy.

Helping You With Your Arkansas Bankruptcy

With offices in Little Rock, Fayetteville, Conway, and Hot Springs, we're proud to serve clients throughout Arkansas. Get a law firm with the legal skills and resources to help you take charge of your financial future—contact Rainwater, Holt & Sexton today. Call us 24/7 at (800) 767-4815 or complete our free contact request form to contact us online anytime.

*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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