Jonesboro Chapter 7 Attorneys
Chapter 7 Lawyers in Joneboro, AR Helping You Understand Your Options
If you are overwhelmed by debt and creditors are bothering you, you can take back control of your financial future. With Jonesboro Chapter 7 Bankruptcy Attorneys, you may be able to file for Chapter 7 bankruptcy to get relief. Our attorneys will help explain the process to you and deal with any legal issues that come up!
If you’re looking for an effective way to reduce your debt in the Jonesboro area, Chapter 7 bankruptcy is the ideal choice. This form of bankruptcy gives you a much-needed fresh start by enabling you to wipe out most debts like credit cards and medical bills – not including taxes, student loans or child support payments. The possibilities are endless once those burdensome obligations no longer exist!
What debts can you clear with a Jonesboro Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can help you get rid of debt from things like:
- Credit card debts
- Unsecured loans
- Medical bills
- Judgments/Law Suits
- Tax Penalties and Unpaid Taxes Over 4 Years Old
Some people think that if they file for Chapter 7 bankruptcy, they have to sell all of their stuff. But this is not true! The law protects your assets, up to a certain amount. This means you can keep everything you own. Filing Chapter 7 bankruptcy might help you if you want to be financially free from debt. An attorney can help make sure that you don’t lose any of your possessions. Contact an experienced Chapter 7 lawyer today for more information!
You can get rid of your unsecured debts without losing your belongings. Once you’re caught up on your mortgage and car payments, it’s possible for these assets to stay in your possession – no questions asked!
Every case is different, so speak with a lawyer who knows a lot about chapter 7 bankruptcy law to see how it can help you, your family, and what you own.
Chapter 7 is for people who make too much money. You will find an attorney who knows how to use the laws to help you.
If you thought you could not qualify for Chapter 7 bankruptcy, finding out that you can is often a big relief. As soon as your case has been filed, the pressure of debt melts away and you are well on your way to complete debt relief.
It is a good idea to hire a lawyer to help you with legal decisions. A lawyer’s skills and experience can help you make better choices.
What can you Keep in Chapter 7?
Are you worried about having to list everything you own for your bankruptcy case? Don’t worry! Everyone has to list everything they own, whether it’s real estate or personal property.
Most people can keep their property and get rid of debt without worrying about creditors, or people they owe money to. There is a limit to how much is protected, but it is usually less than what people own. This makes them able to get rid of debt in bankruptcy.
If you have something that you are using to make sure you pay back a loan, most of the time you can keep the thing. For example, people might have a mortgage on their house or a car loan.
Your retirement accounts are usually safe from being taken away. This means you shouldn’t use your retirement money to pay off debt. Talk to someone who knows the laws about this before making a decision.
If you decide to seek the protection of Chapter 7 bankruptcy, several of your assets are safeguarded. These include:
- Equity in your home
- Equity in a vehicle
- A burial plot
- Personal property like clothing and jewelry, books, musical instruments, and pets
- Health Aids
- Crops and animals
- Household items including appliances, furniture, etc
- Tools, books, and implements required for your employment referred to as “tools of the trade”
- Child support payments
- Most life insurance policies
- Retirement accounts
- Wrongful death awards and personal injury awards
- Public assistance, Social Security, disability benefits, veterans’ benefits, and unemployment compensation benefits
You might think that if you go bankrupt, you will lose everything. But that’s not always true! You can usually keep everything you need to live your normal life, without the debt.
How Chapter 7 Bankruptcy Works
Chapter 7 Bankruptcy usually works like this:
You will meet with your Jonesboro chapter 7 bankruptcy attorney and fill out some paperwork. This paperwork will include a list of all your assets, all your debts, your current income, and other information about your financial situation.
In the paperwork, you must also write down if there are any money obligations that you want to keep. This means that you would like to keep paying for it instead of getting rid of it.
People usually reaffirm home mortgages and car loans. If you want to keep your house or car, you will need to agree to keep paying for those items.
Before you can file for bankruptcy, you have to finish an instructional class called Credit Counseling. You don’t have to go to a physical classroom for this class.
You can finish the class about getting a credit counseling or over the phone. The class only takes a few minutes. Your lawyer will usually have a place that they want you to use to take the class.
After you finish all the paperwork and your Credit Counseling course, ask your lawyer to file your case. They will do it online. Once it is filed, a computer will assign a trustee and judge to manage everything.
If you file for bankruptcy, you have to go to a meeting with your trustee. This meeting is called the “Meeting of Creditors” because your trustee gets to ask you questions about your bankruptcy case and creditors also get to question you.
Don’t panic if the trustee proffers questions during your creditors’ meeting. This only occurs in cases of complex debt or when there’s an issue at hand, and it is relatively uncommon. Generally speaking, those filing for bankruptcy have faithful debts such as medical bills and credit cards to address; thus answering a few effortless inquiries from the trustee should be sufficient.
Once you submit your papers, you will be required to agree on any reaffirmation agreements. When the meeting of creditors is complete and all questions have been answered, that’s it! Then comes a waiting game while the trustees and creditors decide if they’ll object to discharging all debts from your slate; at this point however, keep in mind there are still other steps needed before filing for Chapter 7 bankruptcy. Once their period ends though, the judge issues an order erasing everything – permanently! Wrapping up the process can seem overwhelming but understanding each step should give one some piece of mind about what takes place throughout it.
Find Out if Chapter 7 Bankruptcy Is Right for You
Are you in need of financial assistance? Chapter 7 bankruptcy is your answer. Our experienced attorneys at wh Law specialize in helping individuals with debt issues so that they can reclaim their finances and regain control over their lives. We’re here to provide support and guidance through every step of the process – so don’t hesitate to get in touch if you want to explore how we can make a difference for you!
