If you’re considering filing for bankruptcy in Stuttgart, AR, you no doubt have many questions about the process. Fortunately, the skilled attorneys at Bueker Law Firm can address even the most complex questions, which has made them an essential resource for local clients.

The following are just a few of the frequently asked bankruptcy questions:

Will Bankruptcy Ruin My Credit?

While filing for bankruptcy can affect your credit score for some time, in the long run, it may be the best thing for your financial future. How long your credit will be affected typically depends on whether you file for Chapter 7 or Chapter 13.

Chapter 7 bankruptcy is usually listed on credit reports for a period of ten years, while Chapter 13 can be an issue for up to seven years. Additionally, you will be able to receive credit during this time, but you won’t be privy to the best rates.

What’s the Difference Between Chapter 7 & Chapter 13 Bankruptcy?

Chapter 7 entails a complete debt discharge, although you may need to give up certain property to satisfy creditors. Conversely, Chapter 13 allows you to devise a repayment plan that usually spans a three- to five-year period. In this case, you must have a sufficient income to make regular payments while also taking care of living expenses.

How Long Will My Case Take?

Again, how long your case takes to resolve depends on which type of bankruptcy you choose. A Chapter 7 debt discharge often only takes from three to five months to reach a resolution, while Chapter 13 repayment plans can take anywhere from three to five years. This is to allow you enough time to repay your debts without infringing on your financial stability.

What Can I Do About Creditor Harassment?

If creditor harassment is an issue, bankruptcy is a good option for you. Once you file, creditors will be issued an automatic stay, which means they will no longer be able to contact you until your case is resolved.

If you’re in search of dependable legal guidance, Bueker Law Firm is ready to help. Schedule your consultation with a Stuttgart attorney by calling (870) 673-1313 today. You can also visit them online for more information on what makes this law firm so respected among peers and clients alike.