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Some salient facts and benefits relating to Chapter 7 bankruptcy

Many persons in Arkansas might already know about some of the material benefits that can be obtained through a bankruptcy filing.

Chapter 7 bankruptcy is one type of consumer bankruptcy filing that comes with several distinct advantages to debtors overwhelmed by financial challenges.

It should be noted, though, that Chapter 7 is not a readily available filing option for many consumers, since a threshold “means test” requirement mandates that eligibility be tied to maximum income levels. An experienced state bankruptcy attorney can provide relevant information and work with a client to see whether Chapter 7 is a viable filing option.

When it is, many eligible debtors are happy to discover that bankruptcy law provides for the discharging of many types of unsecured debt, such as hospital bills and credit card obligations.

Additionally, Chapter 7 can stop wage garnishment and, importantly, put a stop to many collection efforts through the “automatic stay” remedy provided for under statutory law.

Filing also enables a debtor to shield many assets, which are deemed exempt from the reach of creditors. For obvious reasons, this is critically important to many people.

Among the most noteworthy exemptions is the family home, which is protected in bankruptcy. Other key assets that often receive protection are automobiles, furnishings, clothing and retirement accounts.

Some state residents might be interested to know that Arkansas law enables debtors to closely scrutinize enumerated exemptions available under both federal and state law and then pick the exemption scheme that is most beneficial in their situation.

Persons seeking to know more about bankruptcy law and the options it provides for consumers seeking a fresh financial start can secure prompt, confidential and knowledgeable assistance from a proven Arkansas bankruptcy attorney.

Source: Nolo.com,  “Arkansas bankruptcy exemptions,” author uncited (updated by Kathleen Michon), accessed Aug. 5, 2014

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