Arkansas Bankruptcy

Thinking about filing bankruptcy? Chapter 7 bankruptcy may eliminate debt and stop creditor harassment. Talk to an Arkansas bankruptcy attorney about your debt-relief options today.

We can easily connect you with an Arkansas bankruptcy lawyer in your area. All you have to do is plug in your ZIP code below and fill out our free 2-minute bankruptcy evaluation form. Fill out the below form and make the first move today.

Filing Chapter 7 Bankruptcy in Arkansas

If you live anywhere in Arkansas – Hot Springs, Fort Smith, Sherwood or somewhere else in the state – it is important to know about Arkansas bankruptcy exemptions if you are considering filing Chapter 7 bankruptcy. With an Arkansas Chapter 7 bankruptcy lawyer on your side, you will have a great resource from whom you can learn which items you own may or may not be exempt from Chapter 7 liquidation.

Arkansas Bankruptcy Laws

Your Arkansas Chapter 7 bankruptcy lawyer can explain that Chapter 7 bankruptcy is commonly referred to as liquidation. This is because the bankruptcy trustee has the option of liquidating or selling any non-exempt assets in order to repay any of your unsecured debts such as medical bills or credit card debt.

An Arkansas Chapter 7 bankruptcy lawyer may also let you know that many, if not most, people who file Chapter 7 bankruptcy do not own any non-exempt assets, and therefore there is no liquidation.

For most people this means that they are able to keep all or almost all of their property.

Arkansas Chapter 7 Bankruptcy Exemptions

If you live in Arkansas and are considering filing Chapter 7 bankruptcy to get a fresh start and discharge your unsecured debts, you may be anxious to find out which and how much of your items may be exempt from liquidation.

The following information provides a good starting point for a discussion with an Arkansas Chapter 7 bankruptcy lawyer about Chapter 7 exemptions. Your lawyer will be able to provide more detailed information about these exemptions.

Some important Chapter 7 bankruptcy exemptions in Arkansas include:

Homestead:

• Unlimited exemption on rural homesteads up to 80 acres. If homestead is between 81-160 acres the exemption is limited to $2,500.
• Unlimited exemption on urban homesteads up to .25 acre. If the homestead is between .25-1 acre the exemption is limited to $2,500.

Note: A person may have either an exempt rural homestead or an exempt urban homestead, but not both.

Wages: Earned but unpaid wages due for 60 days.

Vehicles: The interest in one vehicle, not to exceed $1,200.

Personal Property:

• Up to $500 of any personal property of a married person or head of household; otherwise only $200 of personal property.
• Clothing and wedding rings, regardless of value, are fully exempt.

Get an Arkansas Chapter 7 Bankruptcy Lawyer in Your Corner

As you can see, Arkansas exemptions can be extremely specific and even a bit contradictory in some areas. An  Arkansas bankruptcy lawyer can explain how they may be applied in your particular situation.

Let us connect you with an Arkansas Chapter 7 bankruptcy lawyer. Simply fill out our free bankruptcy case evaluation form and we’ll get you connected to a lawyer near you.

Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.

Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.