The Pros And Cons Of Filing Chapter 7 Bankruptcy
October 24, 2023
Facing mounting debt can be overwhelming, and finding a way forward isn’t always easy. Chapter 7 bankruptcy is one option that can eliminate many types of unsecured debt, providing a fresh start. However, it’s a serious financial decision that comes with potential downsides, such as the loss of certain assets and long-term financial consequences. Before…
Debt Settlement Vs. Bankruptcy
October 18, 2023
Debt settlement and bankruptcy are two financial strategies that individuals facing overwhelming debt often consider as they grapple with the challenges of managing their financial obligations. Debt settlement involves negotiating with creditors to reduce the amount of debt owed, offering a possible path to resolve outstanding balances without resorting to bankruptcy. On the other hand,…
Bankruptcy In Arkansas: The Alternative To Consider
March 21, 2023
In 2020, there were a total of 10,020 bankruptcy filings in the state of Arkansas, according to statistics provided by the United States Courts. Of those, 8,908 were filed under Chapter 7 bankruptcy, 1,065 were filed under Chapter 13 bankruptcy, and 47 were filed under Chapter 11 bankruptcy. In 2021, the average debt in Arkansas…
Considering Filing? You Need To Know What Happens When You File Bankruptcy
March 9, 2023
What is Bankruptcy? Thinking about filing bankruptcy? Bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses who can’t pay their bills and decide whether to discharge those debts so they are no longer legally required to pay them. What should to consider when…
Chapter 7 Bankruptcy Means Test
February 14, 2023
When debt becomes completely unmanageable, people often consider the option of bankruptcy. Chapter 7 bankruptcy, which wipes away much of an applicant’s debt, is the most extreme and often best solution for those who are facing serious financial problems. Unfortunately, the courts don’t allow just anyone to get a Chapter 7 bankruptcy discharge. An applicant…