A Chapter 7 filing is used to liquidate debts, as opposed to chapters 11 and 13, which are used for reorganization.
Smith discussed his dismal financial condition during the summer because he didn't want his situation to become a distraction when the No. 8 Razorbacks started playing games.
Smith said in July that he began the land investments when he was coaching Louisville from 1998-2002 and that he and other investors lost money when the real estate market softened.
After Arkansas fired Bobby Petrino in the spring, Smith came on board for a 10-month contract worth $850,000. He left Weber State, where he had accepted the head coaching job. Athletic director Jeff Long told the AP that Smith had been candid about his financial situation and he didn't hold it against him, especially considering the economy.
Arkansas spokesman Derek Satterfield said he didn't anticipate the program would issue a statement Thursday.
Messages were left seeking comment from Smith's attorney, Jill Jacoway of Fayetteville. Smith said in July he didn't want his financial woes to impact the school.
"From a personal standpoint, I don't want the university being embarrassed, but I'm not embarrassed," Smith said at the time. "It's something that's happened. I made some mistakes, and to be honest with you, I'm a football coach, not a businessman."
Arkansas (1-0) plays Louisiana-Monroe on Saturday at Little Rock's War Memorial Stadium.
Saturday's college football games on TV
• Penn State at Virginia, 10 a.m., Ch. 4
• Auburn at Mississippi State,10 a.m., ESPN
• UCF at Ohio State, 10 a.m., ESPN2
• Tulane at Tulsa, 10 a.m., ROOT sports
• East Carolina at South Carolina, 10 a.m., Altitude
• Miami at Kansas State, 10 a.m., FX
• Weber State at BYU, 1 p.m., BYUtv
• Sacramento State at Colorado,1 p.m., Pac-12 Network
• Air Force at Michigan, 1:30 p.m., Ch. 4
• USC at Syracuse, 1:30 p.m., ESPN2
• Florida at Texas A&M, ESPN,1:30 p.m.
• Rice at Kansas, 1:30 p.m., ROOT Sports
• Purdue at Notre Dame, 1:30 p.m., Ch. 5
• Delaware State at Delaware,1:30 p.m., NBCSN
• Colorado Mesa at Northern Colorado, 1:30 p.m., Altitude
• Wisconsin at Oregon State,2 p.m., FX
• Fresno State at Oregon, 4:30 p.m., Pac 12 Network
• Idaho at Bowling Green, 5 p.m., Altitude
• Washington at LSU, 5:30 p.m., ESPN
• Nebraska at UCLA, 5:30 p.m., Ch. 13
• Army at San Diego State,5:30 p.m., NBCSN
• Georgia at Missouri, 5:45 p.m., ESPN2
• Illinois at Arizona State, 8:30 p.m., ESPN