Highlight In Legal Arkansas Bankruptcy Forms For Free

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.

The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors; ...

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

In a Chapter 7 bankruptcy you wipe out your debts and get a ?Fresh Start?. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. (see Arkansas Exemptions) The trustee sells the assets and pays you, the debtor, any amount exempted.

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 ?

Where Do I Find the Arkansas Bankruptcy Court Website and Locations? Eastern District of ArkansasWestern District of ArkansasU.S. Bankruptcy Courthouse 300 West 2nd Street Little Rock, AR 72201 (501) 918-5500Divisional Office Federal Building Room 316 35 E. Mountain Street Fayetteville, AR 72701 (479) 582-9800