Professional Bankruptcy Law Firm Helping Little Rock Residents Navigate the Chapter 7 Process

Chapter 7 Bankruptcy in Little Rock

Chapter 7 Bankruptcy Basics

This is the most serious of bankruptcy options, essentially setting up assets for liquidation with any monies going to your creditors. As such, Chapter 7 has a strict set of criteria and guidelines that must be met before proceeding.

You can qualify as an individual or partnership, but you have to meet a “means test” based on income and other factors. Once that’s been set, the debtor must file a series of financial documents to prove the need to enter Chapter 7 and that he/she doesn’t qualify for another bankruptcy option.

If you’ve lived in Arkansas for at least 730 days, the court will allow certain state-specific exemptions to your case. As long as you meet certain criteria, Arkansas generally allows certain property to be exempt from bankruptcy seizure.

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Contact our Team today if you have a potential Chapter 7 case.

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Proceeding towards Chapter 7 bankruptcy is often a necessary last resort when other options have been exhausted. Call Natural State Law, PLLC today at (501) 916-2878 to learn more about how we help Little Rock clients start over and rebuild their financial health.