12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Gillett, AR

Frequently Asked Questions about Personal Bankruptcy in Gillett, AR


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free AR Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free AR Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Gillett, AR
    Prosecuting Attorney-10th Dist
    506 S Main St
    Monticello, AR 71655
    (870) 367-9896
    Attorneys, General Practice Attorneys, Legal Service Plans
    Gibson Jr John F
    207 S Main St
    Monticello, AR 71655
    (870) 367-9792
    Attorneys
    Gibson John F Attorneys & Counselors At Law PLLC
    207 S Main St
    Monticello, AR 71655
    (870) 367-9792
    Attorneys, Legal Service Plans, General Practice Attorneys
    West Dale
    109 E Gaines St
    Monticello, AR 71655
    (870) 460-9502
    Attorneys
    Crane Dana & Jr
    4047 Old Military Rd
    Paris, AR 72855
    (479) 963-8925
    Attorneys
    Throesch David
    210 E Everett St
    Pocahontas, AR 72455
    (870) 892-8866
    Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Gene
    Hartness Sara M
    211 W Union Ave
    Monticello, AR 71655
    (870) 367-8304
    Attorneys
    Daniels William R
    104 N Main St
    Monticello, AR 71655
    (870) 367-8181
    Attorneys
    Hixson & Cleveland Law Office
    1727 E Walnut St
    Paris, AR 72855
    (479) 963-8009
    General Practice Attorneys, Attorneys
    Craig L. Cook Law Offices
    1727 E Walnut St
    Paris, AR 72855
    (479) 963-8009
    Attorneys, General Practice Attorneys, Legal Service Plans
    Ross Law Firm PLLC
    366 S Main St
    Monticello, AR 71655
    (870) 367-6366
    Attorneys, General Practice Attorneys
    Barton Law Firm The
    106 W Oakland Ave
    Monticello, AR 71655
    (870) 367-6288
    Attorneys, General Practice Attorneys, Legal Service Plans
    Harper Law Office
    426 W McCloy St
    Monticello, AR 71655
    (870) 367-6102
    Attorneys
    Harper Kenneth A
    426 W McCloy St
    Monticello, AR 71655
    (870) 367-6102
    General Practice Attorneys, Attorneys, Legal Service Plans
    Ross & Ross
    115 E Shelton Ave
    Monticello, AR 71655
    (870) 367-5351
    Attorneys, Legal Service Plans
    Riffel Kirby
    1906 Oak Ct
    Pocahontas, AR 72455
    (870) 892-4923
    Attorneys, Legal Service Plans
    Riffel Kirby
    202 W Broadway St
    Pocahontas, AR 72455
    (870) 892-4426
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Legal Service Plans
    Bowlin Linda
    202 W Broadway St
    Pocahontas, AR 72455
    (870) 892-4426
    Attorneys
    Wells John
    16 N Express St
    Paris, AR 72855
    (479) 963-4357
    Attorneys, Legal Service Plans
    The Hashem Law Firm
    437 W Conrad Ave
    Monticello, AR 71655
    (870) 367-4223
    Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Pers
    Barham Law Offices
    111 E Walnut St
    Paris, AR 72855
    (479) 963-3996
    Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
    Halbert Law Office
    2430 Highway 49
    Lexa, AR 72355
    (870) 572-3351
    Attorneys,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
    Cravens David R
    24 E Main St
    Paris, AR 72855
    (479) 963-3131
    Attorneys, Legal Service Plans
    Anteski Law Firm
    3505 E Chism St
    Paris, AR 72855
    (479) 963-3055
    Bankruptcy Law Attorneys,  Child Custody Attorneys,  Divorce Attorneys,  Attorneys,  Guardianship Se
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US