Chapter 11 Bankruptcy Attorneys
Serving Clients Throughout 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.
What Is Chapter 11?
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.
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.
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.
Helping You Build a Strong Financial Future
Bankruptcy filing in Arkansas is a complex process that requires detailed knowledge of the court, your case, and your state's bankruptcy guidelines. Our attorneys have experience with all three and can help you with your Chapter 11 case.
Regardless of your reasons for filing bankruptcy, our firm is here to help you find debt relief. Martin Attorneys, P.A. has helped people file over 8,000 bankruptcies in Northwest Arkansas. We understand the stress that financial issues can bring to businesses, individuals, and families. That's why we work hard to provide compassionate support to our clients that’s backed by over 30 years of experience.
They treated us as family and were open/forthcoming within every step of the process.
Professionalism, Quality, Responsiveness
Very glad we went in to see them.
He also did a fantastic job at coaching me through some of the possible situations I would face in the courtroom leaving me feeling confident.
Martin Attorneys know what they are doing and they know the law.
Your First Visit with Us Is Free!
We Take All Cases, Big and Small
Our Attorneys Know the Judges, How the Process Works, and Have an Excellent Reputation in the Courtroom
Our Clients Come First - We Are Dedicated to Their Success
Our Attorneys Have Over 100 Years of Combined Experience
We Serve Our Clients in English and Spanish