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Yes. Credit cards and medical bills are dischargeable under bankruptcy. In fact, they are the most common types of debt that petitioners seek to discharge.

Yes, you can keep your home and vehicles if you can afford the payments. Remember, however, that Chapter 7 bankruptcy is a liquidation. Under Arkansas law, your homestead is exempt; however, your vehicles would be subject to sale by the Chapter 7 trustee if the equity in the vehicle is greater than the amount you could exempt, which is rarely the case for most Arkansans filing bankruptcy. In Chapter 13, you are a debtor in possession, and you can keep your home and vehicles if you can afford the payments required for you to keep them.

No. Generally, your retirement savings are protected under the bankruptcy law, although there are certain exceptions to that rule. Your attorney will be able to assess your case and determine if your retirement will be protected prior to filing.

No. However, you may reach a point where the expense of filing a case would outweigh any benefit received from discharging the debt. Also, filing a bankruptcy case is a serious matter that should not be taken lightly.

It depends on the type of entity your business is. If your business is a sole proprietorship, there is no difference between your business debts and assets and your personal debts and assets. You will have to personally file a bankruptcy case. If your business is not a sole proprietorship but is instead a corporation or LLC, then the business must file its own bankruptcy case. Since the debts of most small businesses are personally guaranteed by the owner or owners, the owner(s) could eventually find themselves in bankruptcy even if their bankrupt business is a corporation or LLC.