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Chapter 7 Bankruptcy Lawyer in Batesville

burgess law firm handles chapter 7 bankruptcy in arkansas

Determining whether or not you qualify for Chapter 7 bankruptcy can be a confusing process. The legal team at Burgess Law Firm can help you clearly understand your legal rights and options. We are committed to helping clients find the right path to debt relief.

Questions about Chapter 7 Bankruptcy? Contact us online or call (870) 293-6004!

Do I Qualify For Chapter 7 Bankruptcy?

To qualify for bankruptcy, you must be exempt from or pass a means test. This is a complex test that is used to filter out people who try to abuse the bankruptcy process. The means test takes into account your current monthly income and total debt, amongst various other factors. Furthermore, you will not qualify for Chapter 7 bankruptcy if you have had a previous Chapter 7 or Chapter 13 bankruptcy case dismissed in the past 180 days as a result of violating a court order or if you requested your case be dismissed after a creditor requested relief from the automatic stay. You are also not qualified to file for Chapter 7 if you have already filed for either Chapter 7 or Chapter 13 bankruptcy within the past six years (with certain exceptions).

If you wish to discuss your situation with a Chapter 7 bankruptcy attorney in Batesville or throughout Independence County, contact Burgess Law Firm at (870) 293-6004 for an initial consultation.

What are the Pros & Cons of Chapter 7 Bankruptcy?

As with all forms of bankruptcy, Chapter 7 offers various advantages and disadvantages. The primary benefit of filing for Chapter 7 bankruptcy is that it does not require you to create and abide by a repayment plan. Instead, your debt is eliminated (with some exceptions) and any property that is not exempt will be sold and used to pay back creditors.

Some of the other pros of Chapter 7 bankruptcy include:

  • Chapter 7 offers straightforward debt liquidation; in other words, you do not have to pay back your debts through debt repayment.
  • The process itself is relatively quick, often lasting from three to six months from the time you file to the time your debt is eliminated.
  • Although you may lose some of your property, you may be able to “reaffirm” certain debts (such as a car payment or mortgage) to avoid losing your house, vehicle, and other properties.
  • Once you have filed for bankruptcy, your creditors are prohibited from taking aggressive collection actions or harassing you for payment.
  • You are allowed to keep all property bought and income earned after filing for Chapter 7 bankruptcy.
  • Although Chapter 7 filings remain on your credit report for up to 10 years, it may be possible to reopen a line of credit anywhere from one to three years after filing.

In contrast, some of the cons of Chapter 7 bankruptcy include:

  • Immediately after filing and for some time afterward, you will have poor credit and you will lose all current credit cards.
  • It will most likely be more difficult (though, not impossible) for you to obtain credit cards or a mortgage.
  • You will lose any assets and/or property, including luxury property, that is not exempt under Arkansas bankruptcy exemption laws.
  • You may not discharge certain debts, including student loans, child support payments, alimony, and other specific charges and debts.
  • You must qualify before filing and, depending on your disposable income, the court may convert your Chapter 7 to a Chapter 13 case.

Making the choice to file for bankruptcy is complex and difficult. Many people worry about the effect a Chapter 7 filing will have on their future and their reputation. However, at Burgess Law Firm, we can help you carefully weigh all of the pros and cons as they apply to your unique situation. Our goal is to help you find the best solution for debt relief.

Schedule an initial Consultation with Attorney Burgess

Our firm can assist you with every aspect of Chapter 7 bankruptcy, from determining if you qualify to initial filing to stopping creditor harassment and securing debt relief, either through debt settlement or other means. We provide initial, confidential consultations and personalized legal representation. Our Batesville Chapter 7 bankruptcy lawyer, Johnathon Burgess, offers accessible individualized services, including Saturday appointments when necessary. When you trust our firm, you will speak directly with Johnathon throughout the duration of your case. We proudly assist clients throughout Independence County.

Give us a call at (870) 293-6004 or contact us online to get started today.

Committed to Our Clients

At Burgess Law Firm, our clients come first. We understand just how difficult it is to face large amounts of debt, relentless creditors, and mounting fees. Our goal is to help you find a debt relief solution tailored to your unique situation and goals. We don’t employ a one-size-fits-all approach; instead, we work one-on-one with each client to create a personalized plan of action. We have helped countless individuals and families in serious financial situations regain control of their finances and turn their lives around. If you are struggling to overcome significant debt, remember: there is hope. Read our client testimonials to see how we’ve helped other people in situations similar to yours.

  • “He’s just an honest, hard-working attorney who cares about all of his clients.”
  • “The staff is very friendly! ”
  • “With me every step of the way!”
  • “Mr. Burgess made me feel comfortable!”
  • “As easy as I could have imagined!”