Experienced Bankruptcy Attorneys in Little Rock, AR
If legal issues are making your life chaotic, we are here to help. Our law firm specializes in
Chapter 7 bankruptcy and
Chapter 13 bankruptcy law. Here you will find the best personal bankruptcy attorney Little Rock has to offer.
The Difference Between Chapter 7 & Chapter 13
The main difference is that in a Chapter 7 bankruptcy case the debtor's nonexempt property, if any, is liquidated to pay as much as the debt as possible. In Chapter 13 bankruptcy a portion of the debtor's future income is used to pay as much as the debt as feasible under the debtor's circumstances. Typically, in a Chapter 7 case the debtor loses most of his or her nonexempt assets and receives a Chapter 7 discharge. While in a Chapter 13 bankruptcy case, the debtor usually retains their nonexempt property, but must pay back as much as the trustee deems feasible for the debtor to pay over 3-5 years. Chapter 7 bankruptcy cases take less time and is less expensive than Chapter 13, but with Chapter 13 cases allow a debtor who is above the median income or who has a large amount of nonexempt assets to keep their assets and receive the protection of bankruptcy.
Fresh Start
Our goal is to help put you back in total control of your finances so you can regain your financial independence.
You're Not Alone
We understand that filing for bankruptcy can be overwhelming. We will be with you every step of the process to make it as painless as possible.
Free Consultation
We offer free consultations and you can speak to an attorney with a good reputation who will take immediate action on your case.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also known as liquidation and is often used as a last resort to help with monthly expenses. This type of bankruptcy can help stop foreclosures and help wipe out debts, including many types of unsecured debts.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy law is designed to help make it easier and more affordable to pay unsecured debts, including credit cards, medical bills, and so on without having to turn over or sell your non-exempt property.
