Financial hardships can affect anyone from professionals with high incomes to individuals who earn minimum wage. Likewise, financial recovery is possible with determination and discipline. Although the process actually begins before you file, bankruptcy can provide people struggling with high debt and other financial setbacks a viable path toward a financial fresh start. The first …
The Recovering Economy May Not Reduce Bankruptcy Filings in Arkansas
High credit card balances, unemployment rates and bank foreclosures on homes all lead to a high volume of people filing for bankruptcy protection. Some experts predicted that bankruptcy filings will increase in 2013. Bankruptcy court records reported 520 new petitions in the Eastern and Western Districts of Arkansas in 2013. In addition, this slight but …
What is a Chapter 11 Bankruptcy?
The news that Back Yard Burgers is closing eight of its Arkansas locations as part of its Chapter 11 bankruptcy filing hit some burger fans pretty hard. But what is Chapter 11 bankruptcy and how does it work? A Chapter 11 bankruptcy usually results in a reorganization of a struggling company’s assets and debts in …
Arkansas Means Test for Chapter 7 Bankruptcy
We often hear in the news of wealthy people declaring bankruptcy. Can someone earn millions of dollars and still declare bankruptcy? It all depends on the individual’s circumstances. One of the primary purposes of bankruptcy is to discharge or cancel certain debts to give an honest debtor a “fresh start.” In such cases, the debtor …
What Assets Can I Protect if I Declare Personal Bankruptcy?
John L. Smith, the 2012 football coach of the Arkansas Razorbacks, has recently filed for bankruptcy — but he will not likely end up a poor man. He will owe a debt of thanks to the way bankruptcy laws are structured. There are two main types of personal bankruptcies in Arkansas: Chapter 7 and Chapter …
