Consumer Bankruptcy Lawyers in Lowell, Arkansas

Lowell 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 typically considered as an option of last resort, because while it can stave off financial disaster, it has some substantial 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 Lowell, Arkansas before filing.

Chapter 7 Bankruptcy in Lowell, Arkansas

In Lowell, Arkansas, there are 2 typical 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 all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some types of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Lowell, Arkansas debts are not dischargeable, you might want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Lowell, Arkansas

Chapter 13 bankruptcy in Lowell, Arkansas is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

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

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

Which Bankruptcy type to file under depends heavily on the facts of each distinct case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Whatever your situation, you should speak with a local Lowell, Arkansas bankruptcy attorney. Your lawyer will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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.

Benton, AR

Bankruptcy, Banking and Credit

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

William A.

Essex, MA

Bankruptcy, Banking and Credit

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

Karl N.

Sussex, NJ

Bankruptcy, Banking and Credit

Rating (4 users) ****
See Reviews

Need a Bankruptcy Lawyer?

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