Northwest Arkansas Chapter 11 Bankruptcy Attorneys
Your Trusted Bankruptcy Attorneys in Northwest Arkansas
A fifth of all chapter 11 bankruptcy filings in Arkansas were non-business cases, proving that financial hardship can strike anyone at any time. Both individuals and business owners may file for bankruptcy for any number of reasons, ranging from life changes to skyrocketing interest fees they can no longer afford. When overwhelming debt takes over and it seems as though there are few options available, bankruptcy may provide you with the relief you need.
We believe that bankruptcy isn't a failure to succeed but rather an opportunity to start fresh. Our team at Martin Attorneys, P.A. has helped clients with various bankruptcy cases for over three decades, and we are prepared to do the same for you.
Call Martin Attorneys, PA at (479) 888-2039 or contact us online to learn more about Arkansas bankruptcy filings.
Understanding Chapter 11 Bankruptcy: A Path to Financial Recovery
There are several types of bankruptcy; which is right for you will depend on the unique circumstances concerning your debt, current income, and more. Chapter 11, commonly known as reorganization, gives you the opportunity to get debt relief through a payment plan. How does a Chapter 11 payment plan work?
Unlike Chapter 7, which is more or less liquidation of your assets, Chapter 11 bankruptcy helps you stay in business or keep your individual assets by creating a payment plan. Every plan is slightly different to reflect the unique needs of the person/entity filing.
Chapter 11 payment plans can include the following:
- Interest modification
- New due dates for your debt payments
- Calculations of your earnings and assets to determine whether you have enough income to pay your debt
The purpose of a payment plan is to reorganize your debt and make it easier to pay back over time.
Timeline for Chapter 11 Bankruptcy: What to Expect
Chapter 11 bankruptcy cases do not have a set time period for resolution. So, individuals or businesses that need more than the 3-5 years allotted in a Chapter 13 reorganization plan will have it if they instead file for Chapter 11. However, the often-lengthy process of filing for Chapter 11 invariably increases the cost of the proceedings.
The high cost and lengthy proceedings deter many people from filing for Chapter 11. On the other hand, the reorganization method for bankruptcy helps businesses and individuals make their debt more manageable. In many cases, the debtor can bounce back and have a healthy financial future. For larger and more intricate cases involving multiple parties, substantial debts, or contentious disputes, the bankruptcy process can be protracted. Having the right Northwest Arkansas Chapter 11 bankruptcy attorneys in your corner can help relieve the stress that sometimes comes with bankruptcy. Our team is well versed on the unique options your case may present, and will fight for your best possible outcome.
Ultimately, the outcome of your Chapter 11 bankruptcy case depends on two things: the court and your ability to collect and organize your case. While you can't control the court's pace, you can take steps to build a stronger case more efficiently. The best way to handle Arkansas bankruptcy filings is by consulting a qualified lawyer.
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"Martin Attorneys know what they are doing and they know the law."I went to Martin Attorneys to file for bankruptcy and during my filing my car was repossessed, with their help I was able to get it back. Martin Attorneys know what they are doing and they know the law, I highly recommend Martin Attorneys should you need help.
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"I can't thank them enough for helping my family and I get through the tough times we went through."They were very helpful and extremely nice. I can't thank them enough for helping my family and I get through the tough times we went through. The staff was very welcoming and understanding, I really recommend their help if anyone is looking for good lawyers!
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"Very glad we went in to see them."They will definitely take good care of you. They are there for you not just the money. Very glad we went in to see them.
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"This was my first and only time to file for bankruptcy so I was completely unsure of the process and frankly, I was a little scared. When all was said and done, it was not so scary."They made a very unpleasant experience not so unpleasant. They kept me informed and weren't condescending if I didn't respond in a timely manner do to circumstances beyond my control, and it was over before I thought it would be. At age 56 this was my first and only time to file for bankruptcy so I was completely unsure of the process and frankly, I was a little scared. When all was said and done, it was not so scary.
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"They handled the business at hand and kept me informed along the way. Highly highly recommended to anyone."This office was beyond friendly, extremely diligent, and most importantly kind. They did not nickel and dime me to death. They handled the business at hand and kept me informed along the way. Highly highly recommended to anyone they have so many areas of expertise.
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"They have assisted in the most professional manner and were very enjoyable to work with. I constantly recommend them to my friends and family."I have used this law firm on many of my cases. They have assisted in the most professional manner and were very enjoyable to work with. I constantly recommend them to my friends and family. They are very knowledgeable! A simple call to their office may just be the answer you need.
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"Because of him and the other attorneys, she won her case! I would recommend them to everyone I know."Martin Attorneys has helped me with several cases--medical malpractice and estate planning. And just recently Stephen Fisher helped my granddaughter with a very tough case. Because of him and the other attorneys, she won her case! I would recommend them to everyone I know.
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"They treated us as family and were open/forthcoming within every step of the process."They are wonderful! We adopted our granddaughter with the help of this firm. They treated us as family and were open/forthcoming within every step of the process. Thank you for your kindness and assistance. We will use you again in the future.
