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In many cases, Chapter 7 bankruptcy is a better fit than Chapter 13 bankruptcy. For instance, not only is Chapter 7 quicker, many people prefer the following two things as well: filers keep all or most of their property, and. filers don't pay creditors through a three- to five-year Chapter 13 repayment plan.

There is no minimum debt to file bankruptcy, so the amount does not matter. Examples of unsecured debts include credit card debt, cash advance (payday) loans, and medical bills. Secured debts: If you are behind on a house or car payment, this may be a very good time to file for bankruptcy.

Filing for bankruptcy should keep creditors from harassing you. Once you file, your creditors may no longer contact you about your debts. They cannot garnish your wages or bank accounts or take your property to satisfy debts, even if they already have a judgment against you.

Key Qualification Points for Chapter 13 Bankruptcy in Arkansas Demonstrate adequate income to meet the terms of a court-ordered payment plan. Show that your total secured and unsecured debt falls within limits set by bankruptcy law. Proof of filed state and federal income taxes for the past four years.

Arkansas vs. Federal Exemptions Type of exemptionArkansas lawVehicle$1,200Wages60 days' earned but unpaid wages, minimum $25 weeklyPension/retirementContributions to an IRA up to one year before filing bankruptcy, up to $20,000 (also subject to aggregate limit like personal property)2 more rows ?

The court filing fee for a Chapter 7 bankruptcy in Arkansas is $338. But you can apply to have this fee waived if you meet certain eligibility requirements. Generally speaking, to be eligible for the fee waiver, your income must fall below 150% of the federal poverty guidelines.