Understanding the Role of the Bankruptcy Trustee in Arkansas
If you’re facing financial difficulties and are ready for a fresh start, then when you file for bankruptcy, you or your lawyer will be dealing directly with the bankruptcy trustee. It’s essential to understand the role of the Arkansas bankruptcy trustee. The trustee plays a crucial part in the bankruptcy process, ensuring that it runs smoothly and fairly for all parties involved.
Updated to include YouTube video on Arkansas bankruptcy exemptions (January 27, 2025).
Who is the Bankruptcy Trustee?
In Arkansas, the Chapter 13 bankruptcy trustee is responsible for overseeing the repayment plans of individuals who file for Chapter 13. The trustee reviews the debtor’s financial information and the repayment plan and distributes payments to creditors once approved by the judge. The trustee also monitors the debtor’s progress and ensures compliance with the bankruptcy laws.
Key Responsibilities of the Arkansas Bankruptcy Trustee
The trustee reviews the debtor’s financial documents, including income, expenses, and assets, to determine if a payment plan is possible. Bankruptcy trustees have a standard list of documents they request with each case and that should be provided timely to avoid any issues.
Whether Chapter 7 bankruptcy is filed or Chapter 13, any funds received are distributed to creditors based on their pro rata share. Assets that are not exempt are part of the bankruptcy estate. It is the role of the bankruptcy trustee to protect the estate. For example, if there is a fraudulent transfer, the trustee can file a lawsuit to recoup that asset(s).
What You Need to Know About the Bankruptcy Estate
Note the bankruptcy estate includes all assets of the debtor, whether real estate, personal property, financial accounts, or any other valuables owned by the debtor. However, bankruptcy laws protect certain assets. This is known as exemptions.
Arkansas Bankruptcy Exemptions
Exemptions vary per state and exclude certain assets from being included in the bankruptcy estate. By knowing the value of your assets minus the exemptions, you will know to what extent your assets are protected. You can read about the Arkansas bankruptcy exemptions by clicking the link below.
The Different Types of Bankruptcy Chapters and How it Affects the Bankruptcy Estate
If you have non-exempt assets and filed Chapter 7 bankruptcy, the trustee will allow you the opportunity to buy back the nonexempt portion. Typically, the payment plan is for ten to twelve months. If not, the bankruptcy trustee can liquidate that asset(s) for the benefit of creditors.
If Chapter 13 bankruptcy was filed, the nonexempt portion would be paid back the plan, which lasts between 36 to 60 months. However, note that you are not required to keep nonexempt assets in Chapter 13. Just like in Chapter 7 bankruptcy, the asset(s) can be surrendered to the Chapter 13 trustee.
How to Contact the Arkansas Bankruptcy Trustee
If you are represented by a bankruptcy lawyer, your lawyer will be in contact with the trustee’s office regarding documents that have to be submitted. If you are self-represented, you can contact the trustee directly. Below is the contact information for the Arkansas bankruptcy trustees.
If you need information regarding the Arkansas bankruptcy court system, please click this link, which provides further information
Arkansas Chapter 7 Bankruptcy Trustee(s) for the Eastern and Western District of Arkansas
Stanley V. Bond
P.O. Box 1893
Fayetteville, AR 72702
E-mail: attybond@me.com
Phone: (479) 444-0255
J. Brian Ferguson
P.O. Box 926
Bentonville, AR 72712
E-mail: brian@ozarkfunds.com
Phone: (479) 464-4418
Hamilton Moses Mitchell
1204 N. Polk St
Little Rock, AR 72205
E-mail: hamiltonmosesmitchell@gmail.com
Phone: (501) 425-3431
W. Lance Owens
P.O. Box 121
Jonesboro, AR 72403
E-mail: lowens@omglawfirm.com
Phone: (870)336-6505
M. Randy Rice
13910 Belle Pointe Drive
Little Rock, AR 72212
E-mail: Randyrice2@comcast.net
Phone: (501) 374-1019
Richard L. Cox
364 Long Point Road
Hot Springs, Arkansas 71913
Phone: (501) 623-1759
Chapter 13 Bankruptcy Trustees for the Eastern District of Arkansas
Joyce B. Babin
P.O. Box 8064
Little Rock, AR 72203 -8064
E-mail: jbabin@13ark.com
Phone: (501)537-2500
Website: https://www.13ark.com/
(Divisions: Fayetteville, Fort Smith, Central)
Jack W. Gooding
P.O. Box 8202
Little Rock, AR 72221 -8202
E-mail: info@ark13.com
Phone: (501) 537-4400
https://www.ark13.com/
(Divisions: El Dorado, Hot Springs, Central, and Texarkana)
Mark T. McCarty
P.O. Box 5006
North Little Rock, AR 72119
E-mail: mmccarty@ch13ark.com
https://www.ch13ark.com/
Phone: (501) 374-1572
(Divisions: Northern, Harrison, Delta, Central)
Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. For paralegals and students buying single copies, you can do so via Amazon books. To access my YouTube channel, click this link.
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Please note the information on this site does not constitute legal advice and should be considered for informational purposes only.