Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How bad is it to file bankruptcy twice?

<p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.</p><p dir="ltr" style="line-height:1.2;margin-top:9pt;margin-bottom:9pt;">Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.</p>

Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

6 Best Fort Smith Bankruptcy Attorneys

Anteski Law Firm

2501 Meadow Lane, Barling, AR 72923

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Anteski Law Firm is a legal practice in the Fort Smith metro with additional offices in Paris and Greenwood. Its attorney helps clients seeking debt relief through Chapters 7 and 13 bankruptcy to stop collection action, such as wage garnishment, vehicle repossession, and home foreclosure. Other practice areas include family, probate, personal injury, and criminal law. June Anteski Esq. is a member of the Association of Private Practice Lawyers & Attorneys.

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Burns Bankruptcy

400 Rogers Avenue, Fort Smith, AR 72901

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Founded by Jack Burns, Burns Bankruptcy provides legal assistance to people in Fort Smith who are struggling with their debts. The firm handles chapters 7 and 13, or liquidation bankruptcy and reorganization, respectively. As a bankruptcy attorney, Burns personally meets with potential clients during initial consultations and files for bankruptcy on their behalf as soon as he deems it necessary for their situation. Burns Bankruptcy also provides remote client services, allowing its attorneys to cater to potential clients statewide.

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Caddell Reynolds

122 North 11th Street, Fort Smith, AR 72901

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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Caddell Reynolds is a Fort Smith law firm that offers legal services relating to various practice areas, including bankruptcy law. Caddell Reynolds assists its clients in filing for bankruptcy relief under Chapters 7, 11, 12, and 13 of the Bankruptcy Code. The firm's team of experienced bankruptcy lawyers caters to individuals and families. It provides consultation services to help clients choose the right option to alleviate the pressures of their current financial situations. Aside from Arkansas, Caddell Reynolds also serves clients in Oklahoma and Missouri.

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Chronister, Fields & Flake PLLC

309 North 7th Street, Fort Smith, AR 72901

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Chapter 7 Bankruptcy
Debt Settlement

Chronister, Fields & Flake PLLC is a law firm in Fort Smith protecting clients' rights and interests. Its attorneys assist clients looking for debt relief through Chapters 7 and 13 bankruptcy relief to stop collections actions, such as harassing creditors' calls, wage garnishment, and vehicle repossession. Clients filing for bankruptcy may be able to stop foreclosure and restructure their mortgage to keep their homes. Other practice areas include social security appeals and personal injury, family, and criminal law.

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Honeycutt Law Offices

400 Rogers Avenue, Fort Smith, AR 72901

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Chapter 7 Bankruptcy

Honeycutt Law Offices is a legal practice in Fort Smith with over 30 years' experience representing individuals throughout the area. Its attorney helps clients understand their rights and options for debt relief through Chapter 7 bankruptcy. The legal team guides debtors through the process and evaluates which assets they may be able to keep through the court discharge proceedings. Honeycutt Law Offices also provides criminal defense and handles family law matters.

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Jeremy D. Wann, PLC

19 Court Street, Fort Smith, AR 72901

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Debt Settlement

Jeremy D. Wann, PLC, is a Fort Smith-based law firm that provides a variety of legal services in different fields of the law. One of Wann's practice areas is bankruptcy law, and he handles both liquidation and wage earner's bankruptcy. A bankruptcy lawyer since 2017, Wann offers consultations to people who are overwhelmed with debt and are looking for ways to address their situation. He details the pros and cons of filing for bankruptcy, including subsequent impacts. Wann is a UA Fort Smith Collect of Business Adjunct Professor.

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Best Bankruptcy Attorneys in Fort Smith

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Bankruptcy Attorneys FAQs

Anteski Law Firm

Burns Bankruptcy

Caddell Reynolds

Chronister, Fields & Flake PLLC

Honeycutt Law Offices

Jeremy D. Wann, PLC

Frequently Asked Questions

Q: Can anyone file bankruptcy?

Q: How bad is it to file bankruptcy twice?

Q: Can they take my car in Chapter 7 bankruptcy?

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