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October 2014 Archives

Debt collectors and restrictions on harassment

When an Arkansas resident who owes money on credit cards or to other creditors has a low income and fairly little property, what a debt collector is allowed to do is limited. Collectors working on behalf of creditors are able to stop doing business with someone, report their failure to pay to credit agencies and pursue legal action.

Is credit counseling before filing for bankruptcy necessary?

Federal bankruptcy laws mandate that people who wish to file for bankruptcy must complete an approved credit counseling course within 180 days prior to filing. Additionally, after the bankruptcy is filed and prior to being able to receive a discharge, debtors must also complete a debtors education course.

The eligibility requirements of Chapter 7

Filing for Chapter 7 bankruptcy may be the best option for individuals or business entities in Arkansas that find themselves overwhelmed by the amount of their debts. However, it is important to research the eligibility requirements for a Chapter 7 filing before beginning the process.

What are the eligibility requirements under Chapter 13?

Chapter 13 involves a restructuring of an eligible individual's debts, with the goal of bringing the payments down to a manageable amount that the debtor can afford to pay. The Chapter 13 plan allows debtors to repay most or even all of their existing debts over a period of three to five years. This type of adjustment may be preferable to a full liquidation because it allows people to save some of their property, including homes and cars. Co-signers are protected because the secured assets are maintained and paid for rather than being surrendered to the lien holders.

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