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Serving Arkansas, Southeast Missouri & Western Tennessee

Skilled Lawyers Helping You With Bankruptcy in Jonesboro

stressed over bills
Whether you dealt with an emergency that depleted your finances or you changed your spending ways and need to repair your credit, you may be considering bankruptcy as a way out of debt. Scholtens and Averitt, PLC, a bankruptcy attorney in Jonesboro, has been providing services since 2007. We are knowledgeable and experienced in both chapter 7 and chapter 13 bankruptcy and explain each one so you can make an informed decision about your financial future.

Understanding Chapter 7

Chapter 7 is commonly known as liquidation bankruptcy. This process is very quick, typically lasting between three and five months, but it also depends on your current financial status. In order to qualify, you must begin by completing an income means test to determine eligibility. If you are eligible, you will likely be able to save your car as well as most of your home’s equity. You will also receive an automatic stay to stop creditor harassment. Our lawyer may attend a meeting with you in which your creditors will be able to question you regarding your debts in an attempt to seek payment.

How Chapter 13 Differs

Most people who file for bankruptcy do so under chapter 13. This type of bankruptcy spreads payments out over three to five years and makes it easier to stop foreclosure, judgments or liens. In this process, you must prove you do not make enough money to pay your debts. Upon doing so, you will restructure debts such as back taxes, student loans and other essentials. Each month, you will pay a specified amount to a bankruptcy trustee who then pays your credits. At the end of your plan, you will not have to finish paying any unsecured debt such as credit cards.

Find Us in Northeast Arkansas for Assistance Today

No matter which method you choose, our firm may be able help you stop creditor harassment in Jonesboro and northeast Arkansas. Call us at 870-972-6900. We are also SSDI lawyers.

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