A bankruptcy filing in Arkansas or elsewhere does not necessarily foreclose the filer from obtaining business financing within a few years of the bankruptcy discharge. You can erase a large amount of debt in a bankruptcy and still be qualified for a small business loan under certain circumstances. Thus, if you keep a clear credit record after the bankruptcy and present a well-supported business plan, along with the existence of some collateral, a loan will have a fair likelihood of being approved.
Even when insured, those in Arkansas and elsewhere who face the challenge of battling cancer find that they may become overwhelmed with medical bills. It's a testament to the depth of the medical care crisis that medical insurance cannot keep up with the burgeoning costs being charged by the healthcare community. Additionally, the placing of huge medical debt and financial worries on those who are in a battle for survival is inconsistent with the broad ideals traditionally underlying the delivery of medical care in the United States.
Government records indicate that over a million people and businesses filed bankruptcies in 2013. A consumer filing in Arkansas and elsewhere entails an individual or a married couple entering a petition for relief with a federal bankruptcy court. They get rid of or reorganize primarily consumer debts in either a Chapter 7 or Chapter 13 filing. The interesting but perhaps little known aspect of a bankruptcy is that the filers can rebuild their credit standing fairly quickly after the bankruptcy is finalized.
A report by a female student in an Arkansas junior high school has resulted in the arrest of a teaching assistant on sex charges. The Cabot Police Department has charged a 23-year-old female paraprofessional with felony sexual assault against the junior high school girl. The details of the alleged assault have not been reported.
When considering filing for personal bankruptcy, many Arkansas residents are concerned about how the move will impact their credit standing. This is understandable, as having a solid credit score is the key to attaining future lines of credit, favorable interest rates and the ability to purchase a new home or vehicle. However, the manner in which many consumers think about bankruptcy and credit may be flawed.
In Arkansas and in all other jurisdictions, the federal bankruptcy remedy is a proven way to wipe out large accumulations of consumer debt. However, an individual or married couple who are thinking about filing a bankruptcy should always first obtain a consultation with a seasoned bankruptcy attorney. Professionals who practice in this area are well-equipped to tell you whether you qualify for debt relief, and then whether such a move is advisable under your particular circumstances.