When you’re facing significant financial troubles, it can feel like you are drowning in a pool of difficult decisions. Although it’s often the last resort, filing for bankruptcy can be the first step toward rebuilding your finances and future. For trusted and effective legal guidance, reach out to the knowledgeable and compassionate bankruptcy attorneys at Natural State Law, PLLC. We’ll listen carefully to the details of your situation and advise you on the most strategic path forward.
Over the years, we’ve helped clients throughout Arkansas file for Chapter 7, Chapter 11, and Chapter 13 bankruptcy. Depending on your circumstances, we will determine which option would best serve your needs and help you find the relief you need to rebuild your finances. Get in touch with us today to get started.
Chapter 7 bankruptcy often allows you to receive a clean financial slate, blocking any creditors from garnishing your wages or hounding you for money. However, it also makes it difficult to hold on to any non-exempt property. For those with significant equity in property, or significant delinquencies in mortgage or other secured debt that will need to be cured, Chapter 7 might not be the best option.
Although it’s a longer and more complex process, a Chapter 13 filing allows you to gradually repay the money you owe while retaining ownership over your property. We can help advocate for the best plan to suit your needs while minimizing the amount paid to unsecured creditors.
Chapter 11 bankruptcy focuses on reorganizing the debts of a business so it can remain operational. For businesses looking for a plan to move forward or for the opportunity to rework and restructure their operations, Chapter 11 bankruptcy can provide a structured process for addressing problems and working towards lasting solutions.
Chapter 12 bankruptcy has strict requirements on eligibility regarding sources of income, amount of debt, and the types of operations that are eligible (such as family farmers or fishermen). For those who qualify, Chapter 12 can be the right tool to help start over and rebuild.