Chapter 7 Bankruptcy: How does it work? Chapter 7 bankruptcy is known as a liquidation bankruptcy, in which a bankruptcy trustee gathers and sells — e.g., “liquidates” — the debtor’s non-exempt property. The trustee then applies the proceeds from those sales to the debtor’s outstanding debts. When the bankruptcy case is over, the Court will discharge the debtor from further liability on most of his or her existing unsecured debts. The trustee’s authority to sell property in a Chapter 7 bankruptcy is limited to non-exempt assets, not necessarily to all the debtor’s assets. The Bankruptcy Code contains a list of federal exemptions, but permits each state to enact its own list of exemptions and decide which list its residents may use. Some states have opted out of the federal exemptions, requiring debtors to use that state’s exemption list. Other states permit the debtor to choose either the federal or state exemptions. Cost to file chapter 7 in Arkansas The chapter 7 filing fees in Arkansas are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Where do I file for bankruptcy in Arkansas? Chapter 7 bankruptcy cases in Arkansas are filed with the Bankruptcy Court for the Eastern & Western Districts of Arkansas. The Eastern and Western Districts are divided into five (for the Eastern District) or six (Western) divisions, most of which have their own courthouse. Eastern District Western Division: Location: U.S. Bankruptcy Courthouse Street Address: 300 W. Second St. Little Rock, AR 72201 Telephone: (501) 918-5500 Pine Bluff Division: Street Address: 100 E. Eighth St. Pine Bluff, AR 71601 Telephone: (870) 536-1190 Jonesboro Division: Street Address: 615 S. Main St. Jonesboro, AR 72401 Telephone: (870) 972-4610 Northern Division: Street Address: 490 College St. Batesville, AR 72501 Telephone: (870) 793-4330 Eastern Division: Street Address: 812 Walnut St. Helena, AR 72342 Telephone: (870) 338-6321 Western District Fayetteville and Harrison divisions: Location: Divisional Office, Federal Building Street Address: 35 E. Mountain St., Room 316 Fayetteville, AR 72701 Telephone: (479) 582-9800 El Dorado Division: Street Address: 101 S. Jackson . Ave. El Dorado, AR 71730 Telephone: (870) 862-1202 Fort Smith Division: Location: Judge Isaac C. Parker Federal Building Street Address: 30 S. Sixth St. Ft. Smith, AR 72901 Telephone: (479) 783-6833 Hot Springs Division: Street Address: 100 Reserve St. Hot Springs, AR 71901 Telephone: (501) 623-6411 Texarkana Division: Street Address: 500 State Line Blvd. Texarkana, AR 71854 Telephone: (870) 773-3381 FacebookPinTweetEmail National Bankruptcy Forum Help us match you with a local attorney Free Bankruptcy Evaluation "*" indicates required fields First Name* Last Name* Phone* Email* Δ Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Save my name, email, and website in this browser for the next time I comment. Δ
Chapter 7 Bankruptcy: How does it work? Chapter 7 bankruptcy is known as a liquidation bankruptcy, in which a bankruptcy trustee gathers and sells — e.g., “liquidates” — the debtor’s non-exempt property. The trustee then applies the proceeds from those sales to the debtor’s outstanding debts. When the bankruptcy case is over, the Court will discharge the debtor from further liability on most of his or her existing unsecured debts. The trustee’s authority to sell property in a Chapter 7 bankruptcy is limited to non-exempt assets, not necessarily to all the debtor’s assets. The Bankruptcy Code contains a list of federal exemptions, but permits each state to enact its own list of exemptions and decide which list its residents may use. Some states have opted out of the federal exemptions, requiring debtors to use that state’s exemption list. Other states permit the debtor to choose either the federal or state exemptions. Cost to file chapter 7 in Arkansas The chapter 7 filing fees in Arkansas are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Where do I file for bankruptcy in Arkansas? Chapter 7 bankruptcy cases in Arkansas are filed with the Bankruptcy Court for the Eastern & Western Districts of Arkansas. The Eastern and Western Districts are divided into five (for the Eastern District) or six (Western) divisions, most of which have their own courthouse. Eastern District Western Division: Location: U.S. Bankruptcy Courthouse Street Address: 300 W. Second St. Little Rock, AR 72201 Telephone: (501) 918-5500 Pine Bluff Division: Street Address: 100 E. Eighth St. Pine Bluff, AR 71601 Telephone: (870) 536-1190 Jonesboro Division: Street Address: 615 S. Main St. Jonesboro, AR 72401 Telephone: (870) 972-4610 Northern Division: Street Address: 490 College St. Batesville, AR 72501 Telephone: (870) 793-4330 Eastern Division: Street Address: 812 Walnut St. Helena, AR 72342 Telephone: (870) 338-6321 Western District Fayetteville and Harrison divisions: Location: Divisional Office, Federal Building Street Address: 35 E. Mountain St., Room 316 Fayetteville, AR 72701 Telephone: (479) 582-9800 El Dorado Division: Street Address: 101 S. Jackson . Ave. El Dorado, AR 71730 Telephone: (870) 862-1202 Fort Smith Division: Location: Judge Isaac C. Parker Federal Building Street Address: 30 S. Sixth St. Ft. Smith, AR 72901 Telephone: (479) 783-6833 Hot Springs Division: Street Address: 100 Reserve St. Hot Springs, AR 71901 Telephone: (501) 623-6411 Texarkana Division: Street Address: 500 State Line Blvd. Texarkana, AR 71854 Telephone: (870) 773-3381