Arkansas Bankruptcy Attorneys - Chapter 13 Bankruptcy
Whereas a Chapter 7 bankruptcy completely discharges most types of consumer unsecured debt, a Chapter 13 bankruptcy is similar to a debt repayment plan. Chapter 13 bankruptcy is often used by people who are employed or who have significant assets they want to protect from the possibility of liquidation.
Through a Chapter 13 bankruptcy, you may be able to:
- Avoid a home foreclosure
- Gain additional time to catch up on bills
- Discharge a portion of your debts
- Stop a wage garnishment
- Stop creditor harassment
To learn more about Chapter 13 bankruptcy, contact the Pray Law Firm in North Little Rock, Arkansas. We have handled thousands of bankruptcy cases on behalf of individuals and small business owners. To schedule your appointment, call 501-588-7044.
How Does Chapter 13 Bankruptcy Work?
If retained to handle your case, we will meet with you personally and learn about your financial situation. We will provide you with information that will allow you to make an informed decision about bankruptcy. If bankruptcy is the right answer for you, we will discuss the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy.
If you choose Chapter 13 bankruptcy, our firm will work with you, your creditors and the bankruptcy court to create a three to five year debt repayment plan that will be submitted to a bankruptcy court judge for approval. If your plan is approved, the judge will issue an order that contains the repayment plan and your legal responsibilities.
The Automatic Stay
When we file for Chapter 7 or Chapter 13 bankruptcy on your behalf, an automatic stay will be ordered that prohibits most creditors from taking further collection actions. The automatic stay prohibits further collection calls, foreclosure actions, auto repossessions, wage garnishments and other collection efforts. Only a limited number of creditors (e.g. recipients of child support) may continue their collection efforts.
Home Foreclosure Protection
A Chapter 13 bankruptcy may allow you to stop a home foreclosure. If you are behind on your home mortgage payment or have received a foreclosure notice, contact our firm immediately to speak with a bankruptcy attorney.
Contact Us
To speak with a bankruptcy lawyer at our firm, call 501-588-7044, or contact us by e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
