Chapter 7 Bankruptcy


Our Chapter 7 Bankruptcy Attorneys are here to help | Serving Benton Arkansas and surrounding areas.

Chapter 7 is the most common form of bankruptcy. Upon filing the petition for Chapter 7 bankruptcy, an automatic stay is issued. An automatic stay is an order by a judge prohibiting creditors from collecting any debts owed by you.

The automatic stay stops garnishments, foreclosures, lawsuits, and much more.

Most people are afraid they will lose their property if they file bankruptcy. This is not always the case. The Lancaster Law Firm can help you keep your property.

The bankruptcy code can protect much, if not all, of your property from being sold by “exempting” the property. You have the option of applying either federal exemptions or state exemptions. This is where it is very important to consult an attorney at The Lancaster Law Firm.

Exemption amounts are different, and which exemptions you should use depends upon the value of your property. Which exemptions should be used in your bankruptcy petition is crucial to protecting you and your property.

If you are having problems with debt collectors, we can help you get relief by filing Chapter 7 bankruptcy. The Lancaster Law Firm’s experienced bankruptcy attorneys are ready, willing, and able to help you get the relief you need. Call us today for a consultation to see if you are eligible to file Chapter 7 bankruptcy.

Frequently Asked Questions Regarding Bankruptcy

The Dangers of Banking with a Creditor Bank During a Bankruptcy Proceeding

If you are in debt and thinking of filing or have filed for bankruptcy protection, you need to stop and think about whether you owe a bank any money as a creditor. If the answer is yes, then you MUST ask yourself a second question. Do you hold any types of accounts at that bank?…
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Emergency Petitions for Bankruptcy

A typical Chapter 7 or Chapter 13 petition requires you to submit well over 50 pages of documentation, including: your schedules (which includes a detailed budget, a list of all creditors including addresses and account numbers, a detailed list of assets with estimated valuations, detailed information about sales, transfers, losses and recent payments to creditors,…
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Bankruptcy and Social Security Overpayments

A question we get a lot is whether Social Security disability overpayment is dischargeable in bankruptcy. The short answer to this is “yes,” a Social Security overpayment is treated like any other unsecured debt. There are exceptions to the dischargeability of a particular debt under Section 523 of the Bankruptcy Code and exceptions to the…
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Chapter 7 Filings, Secured Debts, and Default Judgments

Chapter 7 bankruptcy allows you to wipe out unsecured debt– credit card bills, medical debt and other signature loans. However, secured debt–loans backed by collateral such as mortgages, car loans, or furniture, may be treated differently. Secured loans actually contain two different kinds of obligations. First, there is the obligation that you, personally, will pay…
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