If you’re overwhelmed by debt, a Iowa bankruptcy attorney can help. They can stop creditor harassment and even prevent foreclosures. They can also help you get a fresh start.
Although it’s possible to file for bankruptcy on your own, it’s strongly recommended that you work with an Iowa Bankruptcy Counsel. They will ensure that you understand the process and its long-term implications.
Bankruptcy is a complex process with serious long-term financial implications. While it is technically possible to file bankruptcy without an attorney, it is highly advisable to seek the assistance of an experienced Des Moines bankruptcy lawyer. Doing so can save you stress in the short term and avoid costly mistakes that could have far-reaching consequences.
To be eligible for Chapter 7 bankruptcy, you must pass a means test. This test compares your income to the Iowa median income for households of the same size. If your income is higher than the median, you may need to consider a Chapter 13 bankruptcy instead.
You must also submit a list of creditors with your bankruptcy petition. The list must be typed or handwritten and include the name of each person, company or entity to whom you owe money. The list must be submitted with your filing or no later than 30 days after your case is filed.
Iowa bankruptcy lawyers use their expertise to help clients determine if filing for debt relief is the right solution for them. They also work with them to ensure the proper steps are taken when filing, including stopping creditor harassment and preventing foreclosures or wage garnishment. Bankruptcy laws are constantly changing and a skilled attorney will know the ins and outs of how those changes affect individual cases.
John Heckel is a Cedar Rapids bankruptcy lawyer who focuses on helping individuals get out of debt by advising them on the right legal solution for their unique circumstances. He offers one-on-one sessions where he will discuss options and complete the required documentation. He has experience in both Chapter 7 and Chapter 13 bankruptcy filings, which involve liquidating non-exempt assets and repaying creditors over a period of time. His firm also practices in the areas of criminal, real estate and family law. Heckel has assisted more than 1,000 bankruptcy claims.
The best bankruptcy lawyers provide a high level of personal attention to clients in the Des Moines, Iowa City and Coralville areas. They help you determine if filing for bankruptcy is right for you, and they can negotiate with creditors to reduce your debt. They can also advise you on alternatives to filing for bankruptcy such as a debt repayment plan.
You should understand that filing for Chapter 7 bankruptcy discharges most unsecured debt, including credit card and medical bills. However, you must pass a means test to qualify for this option. The test compares your income with the median income for a household of your size in Iowa.
Some attorneys will recommend that you enter a consumer credit counseling program before filing for bankruptcy. These programs can help you negotiate with creditors to lower your interest rates or waive late fees. However, a debt repayment plan will not erase your credit history, and creditors may continue to report accurate information about your account on your monthly statements.
Knowledge of the Law
Firm specializes in bankruptcy, creditor/debtor law, and financial restructuring for individuals in Cedar Rapids, Coralville, and Iowa City. It helps clients determine if filing for bankruptcy is the best option to address their financial issues and explains legal exemptions that help them hang on to their property. It also helps them get mortgage modifications and avoid foreclosures.
Those seeking personal bankruptcy in Iowa can file under Chapter 7 or Chapter 13 bankruptcy. Under Chapter 7, a trustee will sell nonexempt assets to repay creditors over a specific period of time. A Chapter 13 bankruptcy, on the other hand, involves a repayment plan that lasts for 36 to 60 monthly payments.
Before a person can file for either bankruptcy, they must complete pre-bankruptcy credit counseling. An experienced lawyer will help them select the right bankruptcy option and ensure that all required forms are filed accurately. They should also be familiar with federal and local bankruptcy laws, which change on a regular basis.