How To File Bankruptcy In Arkansas? Filing for bankruptcy is a legal process that allows you to get out from under overwhelming debt. When you file for bankruptcy, an automatic stay goes into effect that immediately stops creditors from trying to collect on your debt. This includes collection calls, wage garnishment, and foreclosure.
There are two types of bankruptcy that individuals can file: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, also known as a liquidation bankruptcy, your non-exempt assets are sold off to pay your creditors. In a Chapter 13 bankruptcy, also known as a reorganization bankruptcy, you create a repayment plan to pay back your creditors over time.
If you’re considering filing for bankruptcy in Arkansas, it’s important to understand the process and what it will mean for your financial future. Here’s everything you need to know about how to file for bankruptcy in Arkansas.
When you file for bankruptcy, the first thing you need to do is take a credit counseling course. This course must be completed within six months of filing for bankruptcy and must be taken from an approved provider. You can find a list of approved providers on the U.S. Trustee’s website.
After you’ve completed credit counseling, you’ll need to gather all of the required bankruptcy forms and file them with the court. The forms you’ll need to file will vary depending on whether you’re filing for Chapter 7 or Chapter 13 bankruptcy. You can find the forms you’ll need on the U.S. Courts website.
Once your forms are filed, you’ll need to attend a meeting of creditors, also known as a 341 hearing. At this hearing, your creditors will have a chance to object to your bankruptcy case or ask questions about your finances.
If your bankruptcy case is successful, you’ll receive a discharge that releases you from having to repay certain debts. Not all debts can be discharged in bankruptcy, however, including child support, alimony, student loans, and most taxes.
Filing for bankruptcy can be a complicated process, but it doesn’t have to be overwhelming. With the right information and preparation, you can successfully navigate the bankruptcy system and get a fresh start financially.
If you are considering bankruptcy, it is important to speak with an experienced Arkansas bankruptcy attorney to discuss your options and ensure that you are taking the best course of action for you and your family.
Check out : U.S. Bankruptcy Court – Eastern District of Arkansas
https://www.areb.uscourts.gov/
