What Is The Bankruptcy Process?

The bankruptcy system was developed to help people deal with unmanageable debts, helping them to get a fresh start on their future.

At the Arkansas law firm of Robertson, Oswalt & Associates, our bankruptcy attorney will explain your options and answer your questions during a free initial consultation. From our four office locations in Little Rock, Heber Springs, Conway and Benton, you are never far from experienced guidance from a skilled lawyer.

Qualifying And Filing For Bankruptcy

In order to file bankruptcy, you must show that you are qualified to file for either Chapter 7 or Chapter 13 bankruptcy. If you choose to file for bankruptcy, our firm will file your bankruptcy petition electronically, which places an automatic stay on repossession, foreclosure, garnishment and collection lawsuits.

Next, we develop a debt relief plan designed to help you obtain maximum relief from your debts, while enabling you to keep as much of your property as possible. Then, you will need to appear at a hearing with the bankruptcy trustee.

You Do Not Have To Face The Bankruptcy Process Alone

Our bankruptcy attorney will handle most aspects of your case, including all dealings with your creditors. Your only responsibilities will be to:

  • Provide us with basic information about your debts, your current income and copies of your tax returns
  • Complete debt counseling training in person, over the phone or online
  • Appear in a hearing before the bankruptcy trustee

Some of your debts may be secured by your car or house. Other debts are classified as unsecured debt obligations. These may be dischargeable as part of your bankruptcy. Some assets may be exempt from the bankruptcy process.

About The Trustee Hearing

The trustee hearing is a key step in the bankruptcy process. This will be a brief meeting with the bankruptcy trustee to gain approval of your debt liquidation or reorganization plan. Your attorney will accompany you and provide representation during this hearing.

The hearing will be conducted in a professional and businesslike manner in a meeting room, not a courtroom. While creditors are entitled to attend trustee hearings, they rarely do. You will have to answer a few questions under oath. One of our lawyers will present your debt liquidation or reorganization plan for approval by the bankruptcy trustee, and the hearing will come to an end.

What Happens After My Bankruptcy Is Approved?

If you are filing Chapter 7 bankruptcy, your unsecured debts such as credit card debts and medical bills will be completely liquidated in three to four months. If you are filing Chapter 13 bankruptcy, your three- to five-year repayment period will then begin.

While the entire process may look confusing, you don't have to do this alone. Let us explain your options during a free consultation. Then we will guide you safely to your new future. To get started, give us a call at 501-588-4451 or toll free at 866-311-3815, or send us an email today. The sooner we get started, the more we will be able to help you.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.