Bankruptcy
The Law Offices of Nolan, Caddell & Reynolds - Bankruptcy Attorneys
Bankruptcy, as far as the US Federal Bankruptcy Code is concerned, is the process
undergone when a business or individual seeks relief from their debts. While the
bankruptcy laws have changed, many people are still able to file for bankruptcy,
obtain debt relief, and rebuild their credit in a surprisingly short amount of time.
Nolan, Caddell & Reynolds Bankruptcy Attorneys represent clients in the following
kinds of bankruptcy:
- Chapter 7
- Chapter 11
- Chapter 12
- Chapter 13
Know the facts
Q: What types of bankruptcy cases are available to me, the consumer?
A: Consumers have two options under the Bankruptcy code: • Chapter 7; a debtor may
liquidate certain of his/her debts. Chapter 13; a debtor may repay all or a portion
of his/her debts under the supervision and protection of the bankruptcy court.
Q: How does Chapter 13 Bankruptcy differ from a debtor consolidation plan through
a consumer credit counselor organization?
A: In a Chapter 13 case, the Bankruptcy Court can provide aide to the debtor that
private debtor consolidation services cannot provide. For example, the Court has
the authority to prohibit creditors from foreclosing or attaching the debtor's property,
to force unsecured creditors to accept a chapter 13 plan that pays only a portion
of their claims, and to discharge a debtor from unpaid portions of debts. Private
debt consolidation services have none of these powers.
Q: Will bankruptcy stop harassing telephone calls, letters, lawsuits, and garnishments?
A: Yes. After the bankruptcy petition has been filed with the bankruptcy court,
all telephone calls and written correspondence must be directed through your attorney's
office. Furthermore, all lawsuits and garnishments will be stopped.
Q: Will I lose all of my property by filing bankruptcy?
A: No. You are entitled to keep property which is designated as exempt by the bankruptcy
code or Arkansas law. In general, the exempt property which you are allowed to keep
is your home, automobiles, furniture and clothing. A complete list of all items
which you are allowed to retain will be given to you during your free consultation.
Q: How long will bankruptcy appear on my credit record?
A: Bankruptcy may be reported on your credit records for up to ten years. However,
in some instances, bankruptcy may actually improve your credit history. For example,
if there are compelling reasons for filing bankruptcy that are not within the debtor's
control (such as an illness or injury), some credit reporting agencies may take
that into account in rating the debtor's credit after filing.
Q: What bills can be listed in bankruptcy?
A: The most common debts listed in bankruptcy are: • Medical bills. • Credit cards.
• Loans through banks or finance companies. • Deficiency balances from repossession.
• Back rent, utility bills. • Taxes. Student loans.
Q: How can I obtain more information about bankruptcy?
A: Call us to set up an appointment for a free consultation.
Q: Will I have to go to court?
A: No. In most cases, bankruptcy protection is achieved without attending a courtroom
proceeding. You will be required to attend what is called a 341 A meeting. This
is an opportunity for the bankruptcy trustee to review your filing with you and
to make sure that it is correct. This meeting usually takes five to ten minutes
and your attorney will be there with you.
Q: How much does bankruptcy cost?
A: The filing fee charge by the bankruptcy court is $200.00. Attorney's fees for
the bankruptcies are set on an individual case basis. During your free consultation,
a firm price of all costs and fees for your individual bankruptcy will be given
to you.
Confused? We Can Help –
Put us to work for you
Our bankruptcy attorneys will provide a full financial evaluation of your situation
and explain the options available to you that will allow you to keep your home,
business, or car. While every case is different, understanding what you can and
cannot exempt during bankruptcy proceedings is important for determining how best
to proceed.
Contact us now
Put an end to the harassing phone calls and warning letters. Find out what bankruptcy
could mean for your current situation and financial future. Our Fort Smith and Rogers
office locations represent clients throughout Arkansas and Oklahoma. Contact the
Bankruptcy Attorneys at Nolan, Caddell & Reynolds today.
The law office of Nolan, Caddell & Reynolds, with office locations in Fort Smith
and Rogers, Arkansas, is licensed to practice law throughout Arkansas, Oklahoma,
New Mexico, Washington D.C., and Texas. We are associated with attorneys and law
firms throughout the nation and can provide legal services for personal injury and
wrongful death cases throughout the country.