Legal Question in Bankruptcy in Arkansas

Re: bankruptcy on a fixed income

Short answer -- your fixed income will not prevent you from filing bankruptcy.

You are essentially asking if qualify for a bankruptcy filing. The Bankruptcy Code does not require a minimum amount of debt and currently there are no limitations to the amount of monthly income you can receive. Many people have the impression that they must be destitute in order to "qualify" for bankruptcy. This is not the case. If your income is high enough that it exceeds your necessary monthly expense (not including payments on credit cards)substantially then you would probably need to file under Chapter 13 instead of Chapter 7 and repay a portion of your debts. In your particular situation I don't believe your monthly income is high enough to warrant a Chapter 13 filing. You would file for a complete "discharge" (a bankruptcy term which means wipeout or erase) under Chapter 7. ph. (800) 303-0720