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July 2015 Archives

Chapter 13 one option for debt reorganization

Many Arkansas residents are familiar with the rap star known as 50 Cent. The musician made recent headlines after he was sued for releasing a video online, showing a woman engaged in sexual acts. She sued, and the outcome of that civil suit was in her favor. However, before the jury could determine the level of monetary compensation that she is due, 50 Cent filed for Chapter 11 personal bankruptcy. Chapter 11, much like Chapter 13, is often sought as a means of financial reorganization.

Even after Chapter 7, zombie debt can linger

When it comes to personal bankruptcy, one of the most powerful motivating factors for consumers is the chance to have many forms of debt eliminated through the discharge process. Once a Chapter 7 bankruptcy is complete, the consumer is no longer responsible for debts that were discharged. Having the chance for a fresh financial start is what draws Arkansas residents to seek bankruptcy protection in the first place.

Things to avoid before filing for bankruptcy

Once an individual's financial situation has reached a critical level, the decision to seek bankruptcy protection is often simplified. Doing so can lead to the elimination of many forms of consumer debt, and help an Arkansas resident regain his or her financial footing. When preparing to file, it is important to avoid certain acts, any of which can complicate the bankruptcy process.

Worried about bad credit after bankruptcy?

For many in Arkansas, one of the biggest obstacles to seeking financial relief is the false belief that bankruptcy will lead to permanent and irreversible damage to one's credit standing. While it is undeniable that bankruptcy will have an immediate negative impact on one's credit score, that damage can be undone with a mix of discipline and effort. In fact, many who file for personal bankruptcy will have better credit in five years than those who try other means of debt relief. There is no need to put off filing based on worries about bad credit.

Can credit counseling help with creditor harassment?

When debt levels have risen to an unmanageable level, one of the most stressful aspects of financial strain involves seemingly constant harassment by credit collectors. The agencies that employ credit collectors operate under a business model that seems to be centered on a program of harassment and intimidation. While aggressively pursuing debtors who are in financial strife seems a questionable approach, it is one that many in the industry embrace. For those in Arkansas who want to put an end to creditor harassment, credit counseling and bankruptcy offer two means of attaining that goal.

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