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Arkansas Bankruptcy Laws

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Arkansas Bankruptcy Laws
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As per the Arkansas bankruptcy laws,

a person who is no more in a state to pay off his debt can surrender.

In this case, he gives off his personal property like a house or vehicle to clear off his remaining debts.

Let’s go through the various section of chapters 7 and 13.

  • In chapter 7, you only pay the amount proposed by your lawyer.
  • Next, you only need to spend on the confirmed debt you maintain and your surviving expenses subsequently.
  • Chapter 13 considers ‘restructuring’ or ‘wage earner’ because
    • the individual has a particular capability to pay off the debts to the creditors over here.
  • In chapter 13, your overdue amount restructure into one, more inexpensive expense.

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