The Law Offices of Nolan, Caddell & Reynolds
Arkansas Bankruptcy Lawyers
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. The law firm of Nolan, Caddell & Reynolds helps people, businesses, and farmers saddled with crushing debt. 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.
Put an end to the harassing phone calls and warning letters – contact the Arkansas bankruptcy lawyers at Nolan, Caddell & Reynolds. Our Fort Smith and Rogers office locations represent clients throughout Arkansas and Oklahoma, including Fayetteville, Bentonville, Bella Vista, Poteau, Sallisaw, and Muskogee.
Declaring Bankruptcy – Considering Your Options
The bankruptcy attorneys at Nolan, Caddell & Reynolds represent clients in the following kinds of bankruptcy:
- Chapter 7
- Chapter 11
- Chapter 12
- Chapter 13
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 protective 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 a illness, or injury), some reporting 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 –
Bankruptcy involves a number of issues and concerns that must be properly addressed. If you have questions regarding what bankruptcy could mean for your financial future and current situation, contact the Arkansas bankruptcy attorneys at the law offices of 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 and Oklahoma. 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.
