Bankruptcy

Are you having trouble making ends meet or finding yourself balancing payments between a number of credit card companies and banks every month? Does the pressure mount every time the phone rings or you get a collections notice from a creditor? If so, bankruptcy may be the solution for you. Bankruptcy relief, under bill consolidation or straight Chapter 7 bankruptcy, can stop the foreclosures, the levies, the repossessions, and the garnishments, giving you the breathing room you need to catch up on your house payments, car payments or pay back taxes.

Just because you’re in debt today doesn’t mean you’re a bad person – and it doesn’t mean you have to be in debt for the rest of your life. Bankruptcy offers you a new beginning—a fresh start. Over 1.6 million people filed for bankruptcy last year, and projections are that even more people will file bankruptcy this year. You probably have friends, family members, neighbors and co-workers who have filed for bankruptcy. So you’re not alone.

The experienced attorneys at Medlock and Gramlich, LLP are dedicated to helping people regain financial peace in their lives and we want to help you put your financial house back in order and get a fresh start for your family. We are committed to helping people experience a life free from the stress, worry and fear that comes from overdue bills, harassing debt collectors, lawsuits, wage garnishments, vehicle repossession, and home foreclosures. Our attorneys can help you file for Chapter 7 bankruptcy to eliminate your debt or Chapter 13 bankruptcy to reorganize your payments and save you thousands of dollars in interest and fees.

Thousands of Arkansans are now debt free and enjoying life again. Would you like to have this same freedom and financial peace?

Though you may now be feeling overwhelmed, the attorneys at Medlock and Gramlich, LLP can help you regain peace of mind. The initial consultation is free and you will leave our office knowing whether bankruptcy is right for you – and exactly what to do next. Take the first step. Don’t delay. Contact us at 479-494-5614 to schedule your appointment today.

Chapter 7
In a bankruptcy case under Chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a Chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt” property, which the law allows you to keep. In most cases, all of your property will be exempt. Any property that is not exempt is sold and the money is distributed to the creditors. If you want to keep property like a home or a car and are behind on payments on a mortgage or car loan, a Chapter 7 case probably will not be the right choice for you. This is because Chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.

Chapter 13
Chapter 13 bankruptcy is an option for people to block foreclosures and vehicle repossessions, stop wage garnishments and IRS levies, and reduce and restructure their debts. Under this bill consolidation approach, debts are repaid over three to five years, enabling you to catch up on house payments, child support, taxes, and other debts.

In a Chapter 13 case you file a “plan” showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a Chapter 13 case is that it will allow you to keep valuable property—especially your home and car—which might otherwise be lost, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra payment to get caught up on the amount you have fallen behind.

You may consider filing a Chapter 13 bankruptcy if you:

1. Own your home and are in danger of losing it because of money problems;
2. Are behind on debt payments but can catch up if given some time; or
3. Have valuable property which is not exempt, but you can afford to pay creditors from your income over time.

As a part of your initial consultation, we will look at the debt issues you face, along with your income and expenses and determine which bankruptcy Chapter will best suit your situation.

Take the first step in regaining your financial peace. Don’t delay. Contact us at 479-494-5614 to schedule your appointment today.