Chapter 7 Lawyers in Little Rock, AR

Chapter 7 Lawyers in Little Rock, AR Helping You Understand Your Options

Has your debt spiraled out of control to the point where creditors are harassing you? Take a stand now by consulting our Little Rock Chapter 7 Attorneys.

Depending on the conditions, you may qualify for Chapter 7 or Chapter 13 bankruptcy. WH Law will help you find out which and make sure you’re able to gain control and freedom over your finances again.

In Little Rock, Chapter 7 bankruptcy is a convenient and effective way to legally remove debt. This type of “traditional” bankruptcy allows you to erase many debts. However, it does not cancel everything. Late taxes, student loans, alimony, and child support are some of the debts that are not erased in bankruptcy.

Regardless, our attorneys will ensure you have a chance for a fresh start. Read on to learn how.

What debts can you clear with a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy helps you get rid of many different types of debts. In particular, you can discharge several forms of unsecured debt, including:

  • Credit card debt
  • Unsecured loans
  • Medical bills
  • Past-due utility bills
  • Business debts
  • Personal loans from friends, families, or employers
  • Judgments/lawsuits
  • Tax penalties and unpaid taxes over 4 years old

These are many of the main forms of debt our Chapter 7 lawyers in Little Rock can help remove. But, there are others that neither Chapter 7 nor any other bankruptcy types will cover.

Most importantly, you can’t wipe away debts you fail to list in your bankruptcy filing either. However, you won’t have to worry when you work with a team of bankruptcy law experts from WH Law. We’ll make sure you go through your bankruptcy process right.

What does Chapter 7 Bankruptcy mean for me?

Filing Chapter 7 means a court-appointed trustee will sell your assets to pay off a portion of your debts. Some think this means they will sell everything they own to pay their debts. But that isn’t true. Bankruptcy laws protect a certain amount of your assets. 

When filing for bankruptcy, you’ll have to list all your possessions. Here are some of the most important that are exempt from being sold:

  • Equity in your primary residence
  • Equity for your personal vehicle
  • Health aids
  • Personal property such as clothing, furniture, appliances, etc.
  • 401K, IRA, and pension accounts
  • Life insurance policies
  • Tools and equipment for your trade or business
  • Social Security and unemployment benefits
  • Alimony and child support payments

In some cases, you may even receive what is known as a ‘wildcard exemption.’ This allows you to protect unexempt assets of up to a certain value. The amount of that value may differ, so make sure to talk to one of our attorneys for more specific details.

With a Little Rock Bankruptcy attorney, you can keep some of your most important assets. While Chapter 7 bankruptcy means selling some valuables to pay back your debts, you won’t lose everything.

The sooner you file, the sooner you’ll have control of your property and finances. Get in contact with an experienced Chapter 7 lawyer today and get started!

How Chapter 7 Bankruptcy with us works

Chapter 7 Bankruptcy with WH Law usually works like this:

Before Filing Bankruptcy

You start by meeting with a Little Rock Chapter 7 bankruptcy attorney in our offices. We’ll review your situation and help you start filling out some paperwork. This includes a list of your assets, debts, current income, and other information.

We may also indicate that 180 days before filing your case, you’ll need to finish a course in credit counseling. You don’t have to sit in a classroom for this. You can take the class online or over the phone. It only takes a few minutes to finish the class. If you need help, we can help you find a place to take the class.

In your filing, you must also indicate any financial obligations you want to reaffirm. Affirming a debt implies that rather than eliminating it, you would like to keep paying for it.

The most common debts that people reaffirm are home mortgages and car loans. If you want to keep your house or car, then you will need to reaffirm the debts on them. You must then continue making payments on those properties.

Starting Your Bankruptcy Filings

Once everything is signed and you have finished your class, it’s time to file your case. Today, most bankruptcy cases are filed electronically. Once you file, the computer will assign a trustee and a bankruptcy judge to your case.

After filing a bankruptcy petition to the bankruptcy court in Little Rock, you will submit various forms. These should include the paperwork we first worked with you on.

Once you have filed your petition, an automatic stay on all your debts starts. This prevents creditors from going any further to collect from you. That includes preventing certain forced collection actions like wage garnishment. You’ll also enjoy some much-needed relief from debt collectors.

It also gives you a chance to organize your finances. You may even avoid repossession of certain assets, such as your car or home.

Meeting Your Trustee & Creditors

You will then have to meet with your trustee. This meeting is called the “Meeting of Creditors” because you also meet with your creditors. Your trustee and creditors will all ask you questions about your bankruptcy case.

It isn’t required, but we recommend having one of our Little Rock Chapter 7 attorneys with you. We’ll help you to ensure this meeting goes smoothly.

Don’t worry if a creditor asks you questions in the meeting. This doesn’t happen often. But when it does, it occurs because there is a complicated debt or issue in the case. Most of the time, you will only need to answer a few simple questions from the trustee.

Liquidation, Debt Payments, & Discharge

After attending the Meeting of Creditors, your trustee will sell some of your assets. However, most individuals filing for bankruptcy will have exempted assets. This is property that the trustee can’t sell. Whatever they do sell is then used to pay back your creditors.

The creditors and trustee will then have some time to review your case. If there are no objections, the judge will provide a discharge order. This erases all debts from your slate permanently.

Final Steps

Additionally, you may have to take a financial management course to ensure you have the skills and knowledge to avoid future financial problems.

All in all, that’s how your Chapter 7 Bankruptcy proceedings can go. There could be a few bumps in the road, but that’s what WH Law is here for.

We’re not just your legal counsel in bankruptcy law. We’re your number one advocates and allies.

Our Chapter 7 lawyers in Little Rock, AR, will stand with you from beginning to end. Reach out to us today and get started on your Chapter 7 or Chapter 13 bankruptcy case today!

Find Out if Chapter 7 Bankruptcy Is Right for You

If you want your financial situation to move in a positive direction, Chapter 7 may be your best bet. At WH Law, we specialize in assisting individuals with their debt problems.

Our team of Little Rock attorneys is here for you every step of the way. Even in the toughest times, we provide expert guidance so you can regain your financial freedom.

In short, we’re ready. Call WH Law in Little Rock now, and you’ll see how true that is.

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