Are you looking for a bankruptcy attorney in Rogers, AR? The need to file is a difficult situation, since you’ve unfortunately found yourself in debt you’re unable to completely get out of on your own. Some of the most common reasons for filing include loss of a job, significant medical expenses, marital difficulties, or overextended use of credit. In many cases, a simple Chapter 7 is a viable option. If a debtor owns assets such as a business or property, there are other options to consider when consulting an attorney.
Before a bankruptcy consultation, it’s natural to want to know what kinds of questions the lawyer may ask about each individual’s financial situation. Most bankruptcy lawyers will first want to know why you’re thinking of filing the bankruptcy process. Each of these attorneys will want to know further detailed information of your debt issues as well as your overall financial situation. Prior to meeting with a lawyer, it’s important to gather all the documentation you’ll need to bring to this first consultation. These include recent bank statements and copies of unpaid bills.
As an alternative to Chapter 7 bankruptcy, a Chapter 13 bankruptcy filing will involve reorganizing your payment agreements with outstanding creditors. A knowledgeable attorney will be able to determine which option is best for your unique financial situation. The overall bankruptcy process can be a long, drawn-out, and complicated process in most instances. The majority of the time, a reputable attorney can assist you every step of the way and save you from potentially costly mistakes. In either type of case of bankruptcy, cash liquidated from your assets such as bank accounts and credit cards will be used to pay off your existing creditors as much as possible. A Chapter 13 bankruptcy will allow you to pay off your outstanding debts within a period of three to five years. A Chapter 7 bankruptcy is a shorter, simpler process that will give you less of a hit to your credit score. Records of bankruptcies will typically stay on your credit history for seven to ten years.
After you’ve filed the initial paperwork for your bankruptcy, you’ll receive a notice of discharge within the following three to four months. Your attorney will typically notify you of this discharge, and then you’ll be able to continue working to pay off your debts over the rest of the time the bankruptcy stays on your record. In most cases, you’ll still be able to keep your possessions and property. Existing bankruptcy laws are in place to benefit both you and your creditors. Ignoring the growing stacks of unpaid bills and the phone calls from creditors is not a viable answer, and a bankruptcy attorney will be able to help you find the right direction towards resolving your financial problems.
The majority of lawyers will require you to first complete a detailed questionnaire about your current assets and debts owed. You’ll also be required to list all existing assets that could possibly be liquidated in order to pay back creditors. Once an attorney has this information, he or she will be able to make the right recommendations as far as which type of bankruptcy is right for you. Chapter 7 bankruptcy will liquidate your viable assets as much as possible, and a Chapter 13 bankruptcy offers a grace period to start making repayments if you have a steady source of income. An experienced bankruptcy attorney will be able to answer all your questions in a clear, unhurried manner and will be able to address any further concerns. It’s also advisable to keep good notes of everything that was discussed at each meeting with a bankruptcy attorney.
If you’re having difficulty affording the fees associated with hiring a bankruptcy attorney, you still have a few options available. In many instances, you might be able to qualify for pro-bono legal services based on the amount of income or current assets you have. A knowledgeable attorney is highly recommended if you’re a business owner, if you own a home or other type of property, or if you happen to have creditors who are making some claims against you based on fraudulent statements. Even with simpler cases, working with a Bankruptcy lawyer in Rogers has chances of the best outcomes.