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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