This process eliminates most unsecured debts, like credit cards or medical bills, and usually concludes within three months. To qualify, you must pass a means test , ensuring your household income is below the state median.
Arkansas is unique because it allows debtors to choose between and federal exemptions . You cannot mix the two; you must pick the entire list from one or the other. arkansas bankruptcy laws
All filers must complete a pre-filing credit counseling course and a post-filing debt management course from approved providers. This process eliminates most unsecured debts, like credit
Often called a "wage earner’s plan," this allows you to keep property by paying back some or all of your debt through a court-approved repayment plan lasting 3 to 5 years . It is a frequent choice for those looking to stop foreclosure or catch up on past-due car payments. Key Arkansas Bankruptcy Exemptions You cannot mix the two; you must pick
To initiate a case in Arkansas, you must meet several administrative and legal hurdles: