Personal Bankruptcy Services

Personal Bankruptcy

Bankruptcy Basics

There are two main bankruptcy options available to most people in need of help who want to consider filing for bankruptcy in Iowa.

The first, and most common, is a Chapter 7 bankruptcy. Filing for a Chapter 7 bankruptcy in Iowa will discharge, or get rid of your personal liability for unsecured debts like credit cards, medical bills, and others. In a Chapter 7 bankruptcy, you do not repay your creditors.

The second option is a Chapter 13 bankruptcy repayment plan. In a Chapter 13 bankruptcy, you repay your creditors, although not necessarily in full, in 36 to 60 monthly payments in an amount that fits your budget. This option may be necessary if you have a high income. Both options are discussed below in detail.

Business Bankruptcy

Bankruptcy may be a viable option to relieve or reorganize business debt. This is true whether you are a sole proprietor, LLC, or corporation. It is not always necessary to cease doing business or close the business when you file bankruptcy for debt relief.

Although the general information provided herein about personal bankruptcy is applicable to a bankruptcy filing by an individual who owns a business, each business client and entity will have particular and unique situations, problems, and challenges that will require a personalized analysis and review to determine the bankruptcy options available.

Proper application of the rules governing business bankruptcies can be complicated and it is highly recommended that you schedule a free initial consultation so we can review together your business financial situation and bankruptcy solutions.

Other Benefits of Bankruptcy

The most important benefit of filing bankruptcy in Iowa is to get rid of your bills and debts. However, filing a bankruptcy petition has other benefits as well.

STOP Wage Garnishments

By filing your Chapter 7 bankruptcy petition we can immediately STOP all wage garnishments and stop any bank account levies or garnishments. Creditors cannot continue to collect from you by garnishment or levy after the bankruptcy is filed and in many cases, we can get back the funds that were most recently garnished.

If you are wondering how to stop wage garnishment, Chapter 7 bankruptcy may be a good option for you.

STOP Harassment Collection Calls and Letters

After the bankruptcy is filed no creditor can continue to make harassing phone calls to you demanding payments. They are required by law to stop these phone calls and to stop sending you bills, notices, or harassing letters.

Bankruptcy can be a good option for individuals wondering how to stop collection calls and harassing calls from creditors.

STOP Lawsuits and Judgments

When you file a Chapter 7 bankruptcy in Iowa we can immediately stop any lawsuits that may have been filed against you and stop any judgments entered against you from turning into garnishments.

Even if a creditor has already sued you in court or has already gotten a judgment against you, we can discharge that debt when you file a Chapter 7 bankruptcy.

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