Filing for bankruptcy offers a life preserver to those drowning in the burden of insurmountable debt. The bankruptcy lawyers at Pray Law Firm PA serve clients throughout the North Little Rock, AR, region. They will represent you and help put you on the path to debt relief. 

Bankruptcy FAQs

What Types of Bankruptcy Are Available to Me?

Consumers can choose to file either Chapter 7 or Chapter 13 bankruptcy. With Chapter 7, most of your unsecured debts are eliminated by the courts. With Chapter 13, your existing debts are restructured into a payment plan more aligned with your income levels and ability to repay. Chapter 7 is ideal for individuals with little or no income, while Chapter 13 is better suited to those who have disposable income to put toward their debt.

How Long Will a Bankruptcy Stay on My Credit Report?

Filing for bankruptcy under either Chapter 7 or Chapter 13 will stay on your credit report for 10 years. When considering bankruptcy, it's important to weigh the benefit of a debt discharge against the drawback of having it on your record for a decade. Fortunately, you can start rebuilding your credit as soon as your debts are discharged, so even with a bankruptcy filing on your credit, you could still work toward a better, stronger credit score.

How Long Does the Bankruptcy Process Take?

Most straightforward Chapter 7 bankruptcies can be completed in as little as three to six months. Chapter 13 cases take significantly longer since you’re committing to a long-term payment plan. The average Chapter 13 bankruptcy resolves within three to five years, depending on the conditions of your repayment contract.

How Will a Bankruptcy Lawyer Help My Case?

Bankruptcy law is intricate and involved, and an attorney will ensure you understand the process and your role in it. Your bankruptcy lawyer also represents you at your bankruptcy hearing and prepares all the necessary paperwork to submit to the courts. An attorney is your legal advocate, protecting your rights and looking out for your interests.

Call Pray Law Firm PA at (501) 771-7733 to schedule a consultation. They also offer services as a personal injury and divorce lawyer. You can reach them via their Facebook or Google+ page to learn more. See if bankruptcy is the right path for you, and contact an experienced bankruptcy lawyer today.