As experienced Arkansas Bankruptcy Law Firm, we understand that there are five (5) Chapters under the Bankruptcy Code, and each one has it’s own unique set of options.
Chapter 7 is a liquidation of non-exempt property; Chapter 9 is for Cities and Municipalities; Chapter 11 is for individuals or businesses who owe large sums of money; Chapter 12 is for family farmers; and Chapter 13 is for individuals to reorganize their debts to keep their property.
The most common Chapters under the Bankruptcy Code are Chapter 7 & Chapter 13; therefore, this web site will concentrate on those two Chapters.
Chapter 7 is the most popular chapter of bankruptcy among the majority of debtors. A Chapter 7 bankruptcy will eliminate the vast majority of debts in a quick amount of time and allow the debtor to start fresh.
Chapter 13 is a reorganization of your debt. Unlike Chapter 7, the process is significantly longer and debts are not discharged until the end of the process after receiving a certain amount of money. The Chapter 13 process lasts anywhere from three to five years and the debtor will have to make a monthly payment to the court.
We offer our bankruptcy clients one-on-one, personal service designed to alleviate your bankruptcy worries and give you the fresh start you deserve. It is important to stay patient during this bankruptcy process and to keep up with good financial habits. Our bankruptcy attorneys are here to help you investigate your options and offer real legal solutions you may not have realized were possible before consulting a bankruptcy attorney.
We will be happy to provide you with a free consultation to determine the best possible option for your situation.