"I can't declare bankruptcy... I'll lose everything!"
Your debt is out of control, and you're considering filing bankruptcy. What's holding you back isn't a negative credit score-it's the thought of losing everything you own. Your house, your car, your engagement ring-it's too much to bear. So you keep paying and paying, too much interest and more money than you can afford, hoping it will be enough.
We're here to tell you: it doesn't have to be that way.
Many people filing bankruptcy in Arkansas don't know that there are special exemptions in a bankruptcy that will allow them to remain in possession of much of their property. For example:
- Although filing bankruptcy Chapters 11, 12 or 13 are designed to help a debtor keep his home, federal exemptions exist which protect additional personal property that a debtor may own.
- In addition to protecting your land and house, the law also provides personal property exemptions. These can include burial plots, vehicles, clothing, certain tools, and wedding rings.
- Many debtors considering bankruptcy have fallen behind because of a sudden financial event, such as a divorce, losing a job, or a prolonged illness. An Arkansas bankruptcy attorney may be able to restructure your debt, negotiate a lower rate with your bank, or examine your case for further exemptions based on the severity of your circumstances.
- People facing foreclosure in Arkansas may be able to retain cash benefits through bankruptcy, such as unemployment, retirement accounts, worker's compensation, pensions, and in some cases, wages.
- Arkansas bankruptcies also contain a "wild card" exemption, which means any portion of the homestead exemption not applied toward your home can be used toward any other personal property you own.
- Under the Predatory Lending Law Act, restrictions have been placed on the role of lenders and refinancing organizations. If your lender has exhibited signs of predatory lending, he may owe you financial compensation. Call an experienced Little Rock bankruptcy attorney today to find out if your lender has illegally benefitted from your loan.
- As soon as your bankruptcy is filed, a court order places an "automatic stay" on all debt collectors. This prevents creditors from taking any further action against you, including phone calls, mailings, threats of wage garnishment, or notices of foreclosure.
We realize that many aspects of a bankruptcy may be unclear or confusing. That's why we have over 20 years experience dealing with Arkansas banks, lenders, and financial institutions-we know how to negotiate to retain as much of your assets as possible. In addition to working with lenders, we also know how to work with our clients: we have five attorneys always available to you, to answer your questions and keep you informed every step of the way.
Don't wait: "Get Back To Living!"
At Butler, Horn, Nye & Johnson, you're not just a one-time case. We build lifelong relationships with our clients, earning the respect it takes to become a family lawyer. We see clients through starting a new business that we first met years ago, when they thought they would lose their home. After a bankruptcy settlement, your life doesn't just stop-and neither do we. We're here for our clients for as long as they need legal help, often building lifelong relationships.
Whether you choose to file Chapter 7, Chapter 11, Chapter 12 or Chapter 13, the attorneys at Butler, Horn, Nye & Johnson can help you protect your assets and retain the maximum amount of your income. Call us today at (501) 315-5297 for a consultation and to file for bankruptcy in Arkansas.
We proudly serve clients located in Central Arkansas including: Benton, Bryant, Conway, Little Rock, North Little Rock, Russellville, Hot Springs, Cabot, Searcy, Jacksonville, Malvern, Arkadelphia, Sheridan, Sherwood, Maumelle, Mayflower, Pine Bluff, and all cities surrounding Saline, Pulaski, Grant, Garland, Hot Spring, Perry, Conway, Faulkner, Pope, White, Clark, Lonoke and Jefferson Counties.