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Types of Bankruptcy
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Many people are afraid of the bankruptcy process because they believe it will do irreversible harm to their credit or think it’s morally wrong. The reality is, that bankruptcy can be an opportunity for a new beginning. Contact Shane Zisman if the weight of your debts is suffocating you, and he will use his experience and knowledge of the law to help you file for bankruptcy so you may regain control of your life and financial future.
Know the Facts About Bankruptcy
Get the facts on Bankruptcy in Iowa: Many Iowans at some point or another have been overwhelmed by immense financial pressure associated with credit card bills, medical bills, and other forms of debt despite trying their hardest to get back on equal footing. If you find yourself or your family in this predicament we can have an initial consultation to determine if a Chapter 7 bankruptcy proceeding is right for you.
The benefits of Chapter 7 Bankruptcy filing include:
- Discharging consumer debts (credit cards, hospital bills, most loans) and starting with a fresh financial future
- Keeping assets such as pension, social security benefits, veterans benefits, apartment, 75% of wages, automobile, etc.
- No more harassment from creditors
Southeast Iowa Chapter 13 Bankruptcy
In some instances, clients discover that a Chapter 13 reorganization better suits their financial goals and needs. The main difference between a Chapter 7 and Chapter 13 action is that, in a Chapter 13 proceeding, your debts are reorganized in a less burdensome payment plan rather than being discharged altogether. While you will still need to make payments pursuant to the plan, the benefits of a Chapter 13 reorganization include:
- Keep your debt-burdened assets, such as cars and boats, rather than surrender them to creditors
- Maintain non-exempt property that might otherwise be subject to creditors’ claims in a Chapter 7 proceeding
- Discharge more types of debts than you could in a Chapter 7 action
- Reduce debt payments with longer repayment periods without incurring additional interest or penalties
Some people may not be able to file for Chapter 7 if their income is too high or if they have filed for Chapter 7 previously, but practically anyone may file for Chapter 13. We will work to arrange your bankruptcy petition to help you move forward financially.
