Chapter 13 Bankruptcy Attorney | Conway, Arkansas
When backed into a tough financial position, debts and bills seem to pile up. Calls from collection agencies ring every day. Plus, no matter how much you budget or stretch your income, you just can’t get ahead.
While it may seem daunting, filing for bankruptcy can be a worthwhile way to get back on your feet. With an experienced bankruptcy lawyer, you can find out whether you should file Chapter 7 or Chapter 13 bankruptcy.
With help from a Chapter 13 lawyer, Conway, Arkansas residents can also get the assistance they need to navigate the legal process. At WH Law, our team will be with you every step of the way. We’ll keep everything about your case crystal clear. To us, you’re not just a client or name on a file. You’re a friend who needs someone to go to bat for you, both in and out of court.
So, if you’re interested, fill out our form or call us to schedule a free consultation. We’re ready when you are.
Chapter 13 Bankruptcy: A Fresh Start With a Plan.
First and foremost, what is Chapter 13 bankruptcy? It’s known as a “wage earner’s plan,” allowing people with a consistent income to work out a plan to repay all or part of their debts.
The court will decide the length of your repayment plan, which can range from three to five years, depending on your debts and income.
One of the best advantages of filing Chapter 13 is that the court will order an automatic stay on your debts. This stay also means you get relief from collection agencies hassling you. It also stops certain legal actions from going forward, like foreclosure proceedings, repossessions, and lawsuits.
What’s the Difference in Chapter 7 Bankruptcy?
For individuals and families, Chapter 13 bankruptcy isn’t the only option. Under certain conditions, you may not be eligible to file Chapter 13. An alternative is Chapter 7 bankruptcy, which may not have all the same benefits but can still provide a solid financial step forward.
Here’s the difference with Chapter 7 bankruptcy:
- Instead of a repayment plan, the court assigns a trustee to gather and sell your non-exempt assets, like secondary real estate property, expensive collections, extra vehicles, etc.
- The value from selling these assets is used to pay back your lenders and creditors, in part or in full.
- Once your creditors are paid, you’ll be discharged from most debts, including credit card balances, medical bills, and more.
- Certain debts cannot be discharged, including student loans, child support, alimony, and unpaid taxes.
- Assets that are exempt from being sold off differ from state to state. You can also choose between accepting federal or Arkansas state law exemptions.
If you’re still unsure of whether you should file Chapter 7 or Chapter 13 bankruptcy, make sure you work closely with a team of experienced professionals.
How Chapter 13 Works in Arkansas
The process of filing for Chapter 13 bankruptcy, along with the many stages following it, can be difficult to follow, especially when you need to juggle your daily responsibilities. By working with a Chapter 13 bankruptcy law firm, Conway, Arkansas, locals can enjoy some ease while properly taking care of their debts. Here’s a quick breakdown of how Chapter 13 works when you file in the state of Arkansas:
- Collecting Documents: First, you need to gather all of the necessary documents required by the court. You should also make sure you have filed your tax returns for the last four years.
- Take a Credit Counseling Course: You must also attend a credit counseling course from an approved agency before filing for Chapter 13. This is a mandatory requirement.
- Petition the Court: Next, you file your bankruptcy petition with the court. Once your petition has been filed, the court will provide an automatic stay, stopping any foreclosures, wage garnishments, or other possible actions by your creditors.
- You Get A Trustee: The court will appoint a trustee. This person will review your repayment plan and, over the next three to five years, will also make sure you make your payments
- Confirming Your Repayment Plan: The court will hold a confirmation hearing to check and approve your repayment plan.
- Meeting of Creditors: The trustee will later hold a “meeting of creditors,” during which creditors and the trustee will ask you questions about your debts, assets, and repayment plan.
- Following the Plan: From there, you’ll continue to make monthly payments to your trustee, who will send them to your creditors. You will also have to attend one last financial education course before the end of your plan.
- Finalizing & Discharge of Debts: After three to five years of making payments on time and filling out all the requirements, you’re done. The court will confirm you’ve made your commitments and discharge the remainder of any qualifying debts. In short, follow the rules and you’ll be debt-free.
How Bankruptcy Lawyers from WH Law Can Help
The process of filing for Chapter 13 bankruptcy can be pretty complex. Even a few small errors in your paperwork can cause serious delays or leave you with unfavorable terms.
Fortunately for individuals and families around Conway, Arkansas, Chapter 13 bankruptcy attorneys from WH Law are here to provide legal and personal support. Here’s what we do to help our clients through bankruptcy:
- We help you determine whether you are eligible for Chapter 7 or Chapter 13 bankruptcy, and which one is more beneficial for you to file.
- Our team of bankruptcy experts will help you gather the correct documentation you need before filing with the court.
- We’ll help you create a reasonable repayment plan that fits your financial situation, benefits your creditors, and will likely be approved by the court.
- One of our Arkansas bankruptcy attorneys will also represent you throughout your case. We’ll ensure creditors follow the court-ordered automatic stay or receive penalties if they violate it. We’ll also accompany you to the meeting of creditors to ensure you’re prepared to answer any and all questions.
- WH Law will also keep in touch with you as you work through your repayment plan. We’ll make sure you fulfill all requirements with the court so you get a free and clear discharge.
Talk to WH Law Today. Our Bankruptcy Lawyers Are Ready.
We know dealing with heavy debt is tough, especially these days. When debts rise too high and you can’t find any other way through, talk to WH Law. Our Chapter 7 and Chapter 13 lawyers in Arkansas helped many people file for bankruptcy and get out of debt.
If you’re not experienced with the process, it can be confusing. But don’t worry. With our team having your back, the way forward will be clear. Better yet, we’ll make sure you resolve your debts so you and your family can get the fresh start you deserve. Contact WH Law, get your free consultation, and get started today.
