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I was at the point of having a breakdown because my car had been repossessed. Googled bankruptcy lawyers and Brandon Haubert showed and stated it was open 24/7, so I called and Brandon was very helpful and got me in the next day. They were friendly and willing to work with me. I highly would recommend them to anyone.
- Nikki Brown via Google
They are the best!!! Got me in right away and got my car back within 1 day of my first meeting. Jessica is the best and so is Brandon I would recommend them to anyone who’s thinking about going bankrupt.
- Jasmine Danielle via Google
Brandon and Jessica helped so much. They filed an emergency bankruptcy with $0 down and stopped my creditors fast. Stopping the stress was so worth it.
- Drey McNash via Google
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- David Colvin via Google
Declaring bankruptcy sounds like a scary concept, but it’s an excellent solution if you’re suffering from severe debt.
Filing for bankruptcy often happens after a person suffers serious debt from life events such as illness, divorce, foreclosure, job loss, repossession, garnishment, or a lawsuit.
The issue is that debt can pile on quickly, and unfortunately, it’s often quicker than people can afford to pay in times of crisis. This leaves people in a vulnerable position where they fear making monthly payments and wonder how they’ll ever be financially secure again. Severe cases of debt can result in repossession and foreclosure.
In a situation like this, a person might start considering solutions to get out of debt, like bankruptcy. It’s often the most viable option, and we want to eliminate any negative perceptions you may have with this valuable debt management tool.
Bankruptcy is when you owe more than you can pay. It’s important to note that not everybody who is in debt is bankrupt: there has to be a significant difference in what you’re paying and what you owe.
The concept of bankruptcy is not as awful as it may sound. Although it’s not something to be taken lightly, it is a solution that allows people to get out of debt while also treating creditors fairly. It can help solve many problems if you are suffering from immense amounts of debt.
Living in debt is something most people experience, but there’s a line between making monthly payments and drowning from those payments. If you’re fearful of how much debt you owe and are considering filing voluntarily, start by asking these questions:
If you answered “yes” to these questions, then it’s time to reevaluate your financial situation. It might also be time to consult with a lawyer who can help you navigate through declaring bankruptcy.
Bankruptcy can be filed in one of two ways: you can voluntarily file, or creditors will ask the court to order you as bankrupt. It’s always best to come forward and acknowledge the situation you’re in, and to do so you need to understand the four types of bankruptcy.
Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, is one of the most common forms because it offers a fresh start.
Liquidation bankruptcy is a popular option for personal debt because it helps wipe out debts like credit cards, medical bills, and personal loans, but without a repayment plan. Typically, this method lasts from four to six months.
This is how it works: in exchange for wiping out your existing debt, you must agree that a trustee — such as your lawyer — can take and sell some of your assets to help pay back the debt. It is essentially a form of collateral so you can prove to creditors that you’re working on paying them back as much as possible.
The good news is that you can keep necessary assets so you can continue working and maintain your home, such as household furniture, clothing, and your vehicle. Of course, the specifics vary from case to case, but this is what you can typically expect.
However, liquidation bankruptcy won’t discharge debt like child or spousal support, income taxes, injury or wrongful death lawsuits, or student loan debt.
A chapter 7 bankruptcy case does not involve having to repay all of your debts. Instead, the bankruptcy trustee gathers and sells your nonexempt assets and uses the money from those assets to pay people you owe money to. In addition, the Bankruptcy Code and Arkansas Law will allow you to keep certain “exempt” property. However, the trustee will liquidate any nonexempt property you have.
Who is eligible for Chapter 7 Bankruptcy in Arkansas? The answer is simple: Regardless of if you live in North Little Rock, Conway, Cabot, Bryant, or even Fayetteville, you are not subject to the means test (and can file for Chapter 7 Bankruptcy) if you make less than the amounts below.
If your household income is above the number above, you can still file Chapter 7 bankruptcy here in Arkansas, if you pass the means test.
An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court, or if the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. §§ 109(g), 362(d) and (e). In addition, no individual may file for bankruptcy under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. 11 U.S.C. §§ 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.
One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a “fresh start.” The debtor has no liability for discharged debts. That simply means that once the bankruptcy court has granted a discharge of your debts, you are no longer responsible for paying them. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1). Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property.
Chapter 13 bankruptcy, also known as reorganization or wage-earner bankruptcy, is another common form that is ideal for those who have property they want to keep. This method helps reorganize debt for those earning an income. Most people use this method to catch up on past-due house and car payments to avoid repossession or foreclosure.
Here’s how it works: when filing for Chapter 13 bankruptcy, you can keep all your property, but you must pay creditors the value of any nonexempt assets as part of a three- to five-year payment plan. To qualify, you must have a reliable source of income to repay some portion of the debt.
Bottom line, Chapter 13 Bankruptcy helps people with regular income to create a plan to repay all or part of their debts. If you are reaffirming debt in a Chapter 7, then your payment in a Chapter 13 may not be more than a Chapter 7, in fact it may be less.
This depends on several issues:
Brandon made it super easy to work with him on my bankruptcy. He offered me $0 down and made all my stuff was taken care of.
- Drey McNash via Google
If you are behind on your payments and you want to keep that property, then you need to file Chapter 13 instead of Chapter 7. Chapter 13 lets you stop foreclosures and repossessions, and lets you catch up on your payments. If your car was recently repossessed, then you can get it back.
Chapter 13 may save you money. Sometimes you can lower the amount you owe on your car if you purchased the care more than 910 days before you file bankruptcy. Also, you can lower your interest rate on your loan.
What if you don’t have the money to pay a bankruptcy lawyer? A Chapter 13 is cheaper to file. When you file a Chapter 13, you make your payment to the bankruptcy trustee and they pay your lawyer fees.
Brandon Haubert is an experienced bankruptcy lawyer in Little Rock. Click to learn more and schedule a free consultation today!
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