Consumer Bankruptcy Lawyers in Greenbrier, Arkansas

Greenbrier Consumer Bankruptcy Lawyers, AR

Find the Right Lawyer Now

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant long-term consequences warranting careful consideration of the costs and benefits. Bankruptcy is governed by federal law, and proceeds in federal courts. So, the procedure for filing for bankruptcy in Arkansas will be very similar to the procedure anywhere else in the U.S. However, individual bankruptcy courts have different rules for exemptions, so it might be a good idea to consult with a local attorney in Greenbrier, Arkansas before filing.

Chapter 7 Bankruptcy in Greenbrier, Arkansas

In Greenbrier, Arkansas, there are 2 main forms of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Greenbrier, Arkansas is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Greenbrier, Arkansas

Chapter 13 Bankruptcy in Greenbrier, Arkansas is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each individual case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

Find a Greenbrier Lawyer that Specializes in Your Area of Need:

Which Type of Consumer Bankruptcy Should I File in Greenbrier, Arkansas

The answer to this question depends heavily on your individual situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

In any case, it would be a good idea to consult a local bankruptcy attorney in Greenbrier, Arkansas. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

Consumer Bankruptcy Attorneys in the Largest AR Cities

Show Arkansas Cities

Consumer Bankruptcy Lawyers in Other Arkansas Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Christopher K.

Christopher K.

Ohio, AR

Bankruptcy, Banking and Credit

Rating (18 users) *****
See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Joel C.

Joel C.

Faulkner, AR

Bankruptcy, Banking and Credit

Rating (24 users) *****
See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Gerald D.

Gerald D.

Chemung, NY

Bankruptcy, Banking and Credit

Rating (2 users) *****
See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Anthony R.

Anthony R.

Briscoe, TX

Bankruptcy, Banking and Credit

Rating (8 users) *****
See Reviews

Need a Bankruptcy Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: