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.