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Bankruptcy Lawyers in Little Rock, AR Helping You Understand Your Options

When faced with insurmountable debt, many people turn to bankruptcy attorneys for help. These lawyers can guide you through the process of declaring bankruptcy and help protect your rights. There are different types of bankruptcy, and an experienced attorney can help you choose the option that is best for your debt relief situation and ensure the best possible financial future.

Credit card debt can lead to larger debts because of the high-interest rates charged by credit card companies. When you only make minimum payments on your credit card debt, the interest charges can add up quickly, leading to a larger overall debt balance. Additionally, late payments on credit cards can result in additional fees and penalties, which can further increase your debt. If you are struggling to pay off your credit card debt, you may want to consider filing for bankruptcy.

Filing for bankruptcy can provide relief from debt and give you a fresh start. However, it is important to understand that bankruptcy is a legal process with serious consequences. Before filing for bankruptcy, you should consult with an experienced bankruptcy attorney to discuss your options and make sure that bankruptcy is the right choice for you.

The attorneys at wh Law have extensive experience representing clients in all types of bankruptcy proceedings. We can help you understand the different types of bankruptcy and determine which option is best for your situation. We will also help you navigate the bankruptcy process and protect your rights throughout the proceedings. If you are considering filing for bankruptcy, contact our Little Rock, AR office today to schedule a free consultation with one of our experienced attorneys.

What Are The Different Types of Bankruptcy?

There are two main types of bankruptcy: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy is also known as liquidation bankruptcy. In a Chapter 7 bankruptcy, the court appoints a trustee to oversee the process. The trustee will sell your non-exempt assets and use the proceeds to pay off your creditors. After your creditors have been paid, the court will discharge your remaining debts.

To file for Chapter 7 bankruptcy, you must first complete a means test to determine if you qualify. If you do, you will need to file a petition with the court and attend a meeting of creditors. The court will then appoint a trustee to oversee your case.

The trustee will sell your non-exempt assets and use the proceeds to pay off your creditors. After your creditors have been paid, the court will discharge your remaining debts.

In a Chapter 13 bankruptcy, you will develop a repayment plan to repay your creditors over a three- to five-year period. After you have made all of the required payments, the court will discharge your remaining debts.

Chapter 13 bankruptcy is also known as a reorganization bankruptcy. In a Chapter 13 bankruptcy, you propose a repayment plan to the court. The court will then approve or modify the plan, and your creditors will be required to accept the terms of the plan. Under the repayment plan, you will make payments to the trustee over a period of three to five years. After you have made all of the required payments, the court will discharge your remaining debts.

The cost of filing for bankruptcy depends on which type of bankruptcy you choose to file. Chapter 7 bankruptcy can cost anywhere from $0 to $1,500 in attorney’s fees, while Chapter 13 bankruptcy can cost between $1,000 and $4,000 in attorney’s fees. Court filing fees are also required for both types of bankruptcy and can cost between $335 and $1,310. Therefore, the total cost of filing for bankruptcy can range from $335 to $5,810.

What Should I Know About Bankruptcy?

Not everyone is eligible to file for bankruptcy. You must pass a means test to qualify for Chapter 7 bankruptcy. The means test is designed to ensure that only people with truly severe financial hardships are able to declare bankruptcy.

You may still be able to file for Chapter 13 bankruptcy even if you do not qualify for Chapter 7. However, you will need to have a regular income to qualify for Chapter 13 bankruptcy. You will also need to have some disposable income available to make payments under the repayment plan.

Are All Debts Covered When Bankruptcy Is Filed?

There are certain debts that cannot be discharged in bankruptcy. These include child support and alimony payments, student loans, most tax debts, and debts incurred through fraud. You will still be responsible for paying these debts even if you file for bankruptcy.

Certain assets may be protected during bankruptcy by using exemptions. Exemptions are determined by federal and state law and can vary depending on the type of bankruptcy you file. However, some common exemptions include your home, your car, your retirement account, and personal belongings such as clothing and furniture. You should speak with an experienced bankruptcy attorney to determine which exemptions may apply to your situation.

Can I File For Bankruptcy If I Am Behind On My Mortgage Or Car Loan Payments?

Yes, you can still file for bankruptcy even if you are behind on your mortgage or car loan payments. However, it is important to note that filing for bankruptcy will not automatically eliminate your responsibility for these debts. You will still be required to repay the full amount of your mortgage or car loan, plus any interest and fees that have accrued.

If you are considering filing for bankruptcy, it is important to consult with an experienced attorney to discuss your options. The attorneys at wh Law have extensive experience representing clients in all types of bankruptcy proceedings. We can help you understand the different types of bankruptcy and determine which option is best for your situation. We will also help you navigate the bankruptcy process and protect your rights throughout the proceedings. If you are considering filing for bankruptcy, contact our Little Rock, AR office today to schedule a consultation with one of our experienced attorneys.

What Are the Drawbacks of Filing Bankruptcy?

Filing for bankruptcy can have both positive and negative effects. On the positive side, bankruptcy can give you a fresh start by wiping out your debts and giving you a chance to rebuild your credit. On the negative side, bankruptcy can stay on your credit report for up to 10 years and can make it difficult to obtain new credit.

First, it will damage your credit score and make it difficult to obtain new lines of credit. Additionally, some types of debt, such as student loans and child support payments, cannot be discharged in bankruptcy.

While there are some drawbacks, they pale in comparison to the type of financial relief you can get. Hiring an experienced bankruptcy lawyer to help walk you through the bankruptcy process is a great way to start on your journey of eliminating financial debt.

Do I Need to Hire an Attorney to File For Bankruptcy?

You are not required to hire an attorney to file for bankruptcy. However, because bankruptcy is a legal process with serious consequences, it is in your best interest to consult with an experienced bankruptcy attorney before making any decisions.

An attorney can help you understand the different types of bankruptcy and choose the option that is best for your situation. An attorney can also help you navigate the bankruptcy process and protect your rights throughout the proceedings. The office of LH law is experienced in all aspects of the bankruptcy process and is prepared to discuss what would work best for your case today. Call our Little Rock office at (501) 263-2398 to begin your bankruptcy process.

What Can a Bankruptcy Lawyer Do For Me?

Only you can decide if hiring a bankruptcy lawyer is the right decision for your situation. However, if you are considering filing for bankruptcy, it is important to consult with an experienced attorney who can help you understand the different types of bankruptcy and choose the option that is best for your situation. An attorney can also help you navigate the bankruptcy process and protect your rights throughout the proceedings.

Hiring an experienced bankruptcy attorney is the best way to ensure that you are able to navigate the bankruptcy process successfully. An attorney can help you with every step of the bankruptcy process, from filing your petition to attending your hearing. An attorney can also help you:

  • Explain bankruptcy laws
  • Understand the different types of bankruptcy
  • Determine if you are eligible to file for bankruptcy
  • Choose the type of bankruptcy that is best for your situation
  • Develop a repayment plan (for Chapter 13 bankruptcy)
  • Debt negotiation
  • Protect your rights throughout the bankruptcy process
  • File your petition with the court
  • Attend your hearing at bankruptcy court
  • Represent you at your meeting of creditors
  • Object to any claims made against you by creditors
  • Discharge your debts
  • Help figure out your back taxes
  • Set up the best game plan to stop foreclosures
  • Arranging your social security disability
  • Finding useful solutions to your money problems
  • Business owner restructure
  • Help avoid repossessions
  • Help you rebuild your credit after bankruptcy

If you are considering filing for bankruptcy, contact our Little Rock, AR office today to schedule a consultation with one of our experienced attorneys. Let us be your trusted law firm to help you with your foreclosure defense, and unsecured debt, avoid debt collectors, medical bills, wage garnishment, and mortgage litigation, and get you to financial freedom as quickly as possible. Call us today at (501) 263-2398 to get the legal help you deserve.

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