Common Types of Bankruptcy
The most common types of bankruptcy through which Arkansas residents find relief include Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both are extremely effective and can provide a fresh start—but they do so in different ways.
When most people hear the word “bankruptcy,” they think of a Chapter 7 bankruptcy. This provides a fresh start through liquidating properties and assets, then wiping out a variety of general debts. That noted, a common misconception is that you will lose your home and car in a Chapter 7 bankruptcy. This is not always the case, however. In fact, we have had much success in helping our clients keep their homes, cars, and personal belongings while seeking relief under Chapter 7.
The other highly effective and common bankruptcy is a Chapter 13 bankruptcy. When you file for relief under Chapter 13, you are given the chance to settle debt for merely pennies on the dollar. In other words, your debt will be reorganized and consolidated into a repayment plan. At Watton Law Group, we assess our clients’ financial situations to ensure that their Chapter 13 repayment plans are both affordable and practical.
The Experienced Attorney Team You Need
No matter the cause of your financial hardship, you deserve a clean slate. Watton Law Group’s Arkansas bankruptcy lawyers have the experience needed to guide you through this difficult time. We want to emphasize that bankruptcy does not have to be overwhelming or stressful; rather, bankruptcy can be an empowering way to set you back on track toward financial well-being.
If you are struggling under the weight of debt, we urge you to reach out to our qualified lawyers at Watton Law Group. We offer free consultations to all prospective clients so that you can learn your options in a stress-free environment. We will help you make a well-informed decision about what the best course of action is for you.