Bankruptcy
Trusted Bankruptcy Attorney in Harrison, AR
The Types Of Bankruptcy:
Chapter 7
- Liquidation
Chapter 11
- Reorganization
Chapter 12
- Voluntary repayment plan for family farmers or fisherman.
Chapter 13
- Voluntary repayment for individuals with regular income.
You Should Have An Experienced Attorney Review Your Decision to File Bankruptcy and the Proper Choice of Chapter.
Call Watson Law (870) 704-4037
Information on Chapter 7 Bankruptcy:
Your income must qualify for you to file Chapter 7. If your income is above the median for your state, you must file additional forms.
If you file Chapter 7 Bankruptcy - know that you are allowed to discharge many of your debts while still retaining a substantial portion of your assets. The assets, referred to as 'Exempt Property', include: your home, car, clothing, household items & additional property up to the limit of your exemptions.
Exemptions are not automatic!
The experienced Attorney's at Watson Law Firm of Harrison are experienced in finding out if you qualify. We can help you maximize your exemptions while still following all the rules.
Chapter 11, 12 & 13:
Individuals may use Chapter 11
to reset a current business plan when things seem overwhelming, but they really shouldn’t be.
Although Chapter 11 is often used for reorganizing a business, it is also still available to individuals in need.
Chapter 13
is for individuals who have regular income and would like to pay all or part of their debts in installments over a period of time, and to discharge some debts that are not paid.
You are eligible for Chapter 13 ONLY if your debts are more than certain dollar amounts set forth in 11 U.S.C./109.
Similar to Chapter 13, Chapter 12
permits family farmers and fisherman to repay their debts over a period of time using future earnings, and to discharge some debts that are not paid.
Like Chapter 7, there are certain debts that are not able to be discharged.
The time restrictions and forms required for filing any Chapter of Bankruptcy can be intimidating.
So if you are considering this - seek the advice of an experienced, qualified attorneys, like those at Watson Law Firm of Harrison.
Click on the Article Topic Below for More Important Information
Because bankruptcy can have serious long-term financial and legal consequences, including loss of your property, you should hire an experienced Attorney and carefully consider all of your options before you file. Only an Attorney can give you legal advice about what can happen as a result of filing bankruptcy and what your opinions are. If you do file for bankruptcy, an Attorney can help you fill out the forms properly and protect you, your family, your home and your possessions.
Although the law allows you to represent yourself in bankruptcy court, you should understand that many people find it difficult to represent themselves successfully. The rules are technical and one mistake or inaction may harm you substantially. If you file without an Attorney, you are still responsible for knowing and following all of the legal requirements. You should not file bankruptcy if you are not eligible to file, or if you do not intent to file the necessary documents.
Bankruptcy Fraud is a serious crime; you could be fined and imprisoned if you commit fraud in your bankruptcy case. making a false statement, concealing property or obtaining money on property by fraud in connection with a bankruptcy case can result in fines up to $250,000, or imprisonment for up to 20 years, or both.
The following warnings are included in the Notice Required by 11 U.S.C. /342(b) for individuals filing bankruptcy (Form 2010)
Privacy policy
The information contained on this website is for general information purposes and is not, nor is intended to be, legal advice. No attorney-client relationship exists simply by viewing this website, calling Watson Law Firm of Harrison for a free phone consultation or in an email from Watson Law Firm of Harrison until both parties have signed a written retainer agreement. Please do not send any confidential information to us until such time as an attorney-client agreement has been established.
PRIOR RESULTS DO NOT GUARANTEE FUTURE RESULTS.