Dealing with debt that has become unmanageable can be overwhelming. Many people find themselves struggling under the weight of their debts, including credit card debt, unexpected medical bills, and others. If you are in a situation in which you are unable to repay your debts and are being harassed by your creditors, filing for Chapter 7 bankruptcy protection with the help of the attorneys at the Law Offices of Craig L. Cook may help you attain financial relief. Our attorneys have amassed more than 40 years of combined experience, and we can advocate for you in the bankruptcy process so that you can enjoy a fresh financial start.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy allows eligible debtors to discharge many types of unsecured debts, including credit card debts, medical debts, and utility bills. When a Chapter 7 petition is filed, the bankruptcy court issues an automatic injunction, which forbids your creditors from continuing to pursue any further collection activities. This means that once you file your petition, your creditors will have to stop contacting you. If you have any creditor lawsuits pending against you, they will also be halted. Filing a bankruptcy petition also ends debt-related wage garnishments, eviction prcoeedings, and repossession actions.
Chapter 7 bankruptcy may not protect you from a foreclosure or allow you to keep all of your property. However, it can offer you a way to discharge most unsecured debts and to end harassment from your creditors. The attorneys at the Law Offices of Craig L. Cook have an extensive understanding of bankruptcy law and will help you secure relief from your debts.
Representing You Throughout the Bankruptcy Process
When you arrive for your initial consultation, we will talk to you about your financial circumstances and the options that are available to you. We recognize that many people are reticent to file for bankruptcy because of the stigma that is associated with it. It is important to recognize that people find themselves facing financial difficulties that lead to bankruptcy for many reasons.
Filing for bankruptcy does not mean that you are fiscally irresponsible or a bad person. Many people find themselves facing difficulties because they have lost their jobs, are caring for ill loved ones, have suffered unexpected illnesses, or are dealing with high compounding interest rates. All of these situations can lead to debts that spiral out of control. Our attorneys are compassionate, and they understand that people become overwhelmed by their debts for many different reasons. Our goal is to help our clients break free from their debts so that they can regain control of their financial lives.
Understanding Liquidation Bankruptcy
Bankruptcy under Chapter 7 of the bankruptcy code is referred to as liquidation bankruptcy. This is because your non-exempt property will be liquidated by the trustee to repay a small portion of your debts, but you will not have to enter into a repayment plan for the balances. There are federally allowed exemptions, and Arkansas and Oklahoma each have their own state exemptions. The exemptions list the types of property that will be exempt from liquidation in bankruptcy. In Arkansas, you are able to choose between the state’s exemptions and the federal exemptions. In Oklahoma, you must use the state’s exemptions.
Our lawyers can teach you about the allowed property exemptions so that you understand what you will be able to keep and what might be liquidated. Many people who file for bankruptcy protection under Chapter 7 find that they lose very little property in the process.
If you determine that filing for bankruptcy protection under Chapter 7 is the right option for you, our attorneys will offer you guidance. We will assist you with locating the required pre-filing credit counseling course so that you can complete it. We will also tell you the types of financial documents that you need to gather together and give you schedules that you need to complete.
We can draft and file your bankruptcy petition for you quickly so that you can secure the immediate relief that is afforded by the automatic injunction. Our attorneys will represent you throughout the bankruptcy process up to the discharge of your debts. When you receive a discharge of your debts, you will no longer be responsible for repaying them, and your creditors will not be able to engage in any actions to collect them from you in the future.
Contact the Law Offices of Craig L. Cook Today
To learn more about filing for Chapter 7 bankruptcy, call the Law Offices of Craig L. Cook at 479-783-8000 or fill out our contact form online. We offer free consultations and flexible after-hours meetings by appointment at our five locations. Contact us today for valuable financial assistance.