Arkansas Bankruptcy Laws

Need to File Bankruptcy in Arkansas?

Once you look over the bankruptcy facts here learn more regarding Chapter 7 and Chapter 13 bankruptcy in Arkansas by speaking with an Arkansas bankruptcy attorney.

When you get a run down on how personal bankruptcy works you will be better able to choose which Chapter of bankruptcy is best for your situation.

Set up an appointment with an Arkansas bankruptcy attorney by completing the form here.

Arkansas Bankruptcy Law

During your initial consultation with your Arkansas bankruptcy attorney you will learn all of the important differences from Chapter 7 and Chapter 13 bankruptcy.

Within this consultation your bankruptcy attorney will ask you a many personal finance questions or provide you with a profile sheet to list specific details regarding your finances. The answers you provide should assist you and your bankruptcy attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is appropriate for you.

Chapter 7 bankruptcy is usually called liquidation as the bankruptcy trustee may choose to sell or auction non-exempted property (see State Exemptions list below).

However, in the majority of Chapter 7 bankruptcy cases, the individual filing bankruptcy owns no non-exempt property, so this would not apply to most filings.
Provided you do not own much property or have many assets Chapter 7 bankruptcy may be the better choice since you could discharge most of your unsecured debt.

Before filing Chapter 7 bankruptcy please discuss your situation with an Arkansas bankruptcy attorney to determine how much property may be exempt from liquidation.

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Arkansas State Exemptions

Homestead

1. Unlimited exemption on rural homesteads up to 80 acres. If homestead is between 81-160 acres the exemption is limited to $2,500.
2. Unlimited exemption on rural homesteads up to 80 acres. If homestead is between 81-160 acres the exemption is limited to $2,500.

Note: A person may have either an exempt rural homestead or an exempt urban homestead, but not both.

Wages

Earned but unpaid wages due for 60 days.

Vehicles

The interest in one vehicle, not to exceed $1,200.

Personal Property

1. Up to $500 of any personal property of a married person or head of household; otherwise only $200 of personal property.
2. Clothing and wedding rings, regardless of value, are fully exempt.

Chapter 13 Bankruptcy is usually termed “reorganization”. Individuals filing Chapter 13 may own more property and by filing Chapter 13 may also retain most assets.

In Chapter 13 bankruptcy, the debtor draws up a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This installment plan enables the debtor to repay existing bills.

Filing for bankruptcy?

get an appointment

Talk to your local bankruptcy lawyer now!

Speak With an Arkansas Bankruptcy Attorney Today

If you have contemplated filing bankruptcy in Arkansas you may not know where to begin or simply feel burdened by the bankruptcy laws.

To resolve any questions about the laws, an Arkansas bankruptcy attorney will be able to walk you through the bankruptcy process in clear, simple terms. When you consult a bankruptcy attorney you will also be able to get many of your questions and concerns answered in the initial consultation.

We take the complexity out of finding a good Arkansas bankruptcy attorney. Just complete our free bankruptcy questionnaire on this page and we will connect you with an Arkansas bankruptcy attorney in your locality.

Note: This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.

Arkansas bankruptcy attorneys are located in the following cities:

FARMINGTON, ROGERS, CASH, DECATUR, GARFIELD, GOSHEN, SILOAM SPRINGS, EVANSVILLE, MONETTE, SULPHUR SPRINGS, GENTRY, JOHNSON, TONTITOWN, LOWELL, MORROW, CARAWAY, LINCOLN, SUMMERS, AVOCA, EUREKA SPRINGS, JONESBORO, ELM SPRINGS, CENTERTON, BELLA VISTA, BAY, CANEHILL, ST UNIVERSITY, OAK GROVE, GREEN FOREST, BENTONVILLE, GREENLAND, GATEWAY, BONO, WEST FORK, BROOKLAND, GRAVETTE, PRAIRIE GROVE, CAVE SPRINGS, WINSLOW, SPRINGDALE, BLACK OAK, BERRYVILLE, BEAVER, ALPENA, FAYETTEVILLE, EGYPT, MAYSVILLE, HIWASSE, PEA RIDGE, LAKE CITY, PARAGOULD, MARMADUKE, LAFE, SMITHVILLE, WITTER, EMMET, WASHINGTON, POLLARD, MARKED TREE, TYRONZA, HINDSVILLE, WILTON, BEECH GROVE, RECTOR, WALDO, ALLEENE, CALE, BRADLEY, TRUMANN, EMERSON, GENOA, LIGHT, BLEVINS, MAGNOLIA, FOREMAN, SAINT PAUL, TAYLOR, GARLAND CITY, WALDENBURG, HUNTSVILLE, OGDEN, SUCCESS, ASHDOWN, HOXIE, PRESCOTT, ROSSTON, HOPE, GREENWAY, TEXARKANA, O KEAN, MC NEIL, RAVENDEN, LEPANTO, WINTHROP, PORTIA, PEACH ORCHARD, RIVERVALE, WEINER, DATTO, MC DOUGAL, PIGGOTT, BLUFF CITY, DELAPLAINE, SARATOGA, FOUKE, SAINT FRANCIS, LYNN, OZAN, PETTIGREW, FULTON, NASHVILLE, ELKINS, HARRISBURG, DODDRIDGE, ALICIA, KINGSTON, STRAWBERRY, WALCOTT, SEDGWICK, CORNING, COMBS, LEWISVILLE, FISHER, POWHATAN, KNOBEL, STAMPS, BUCKNER, BLACK ROCK, WALNUT RIDGE, MC CASKILL, WILLISVILLE, IMBODEN, WESLEY, MINTURN