Chapter 7 Bankruptcy Iowa
For Iowa residents struggling to meet minimum payments and falling further behind every month, Chapter 7 Bankruptcy may be the best way to start over. We understand the stress caused by harassing creditor calls, the risk of losing your home, and wage garnishment. Contact Zisman Law and schedule a free phone consultation to find out if you can get debt relief in Iowa in six months or less. We can determine if you are eligible for Chapter 7 bankruptcy and help you navigate the process, start to finish.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a legal process that wipes out unmanageable debt. Bankruptcy can cure a wide range of financial problems:
- Stop wage garnishment
- Stop foreclosure on your home
- Put the eviction process on hold
- Avoid repossession of a vehicle or other property
- Prevent disconnected utility services
If you have mountains of debt that you cannot afford, Chapter 7 may be the best way to start over financially. This Iowa debt relief solution is often used by people struggling to make monthly payments that include:
- Credit cards
- Medical bills
- Home Mortgage
- Vehicle loans
Shane Zisman is a bankruptcy lawyer in Fairfield, Iowa. He knows that Iowans in rural communities often face unique financial challenges. He can meet with you in person, via video conference or phone call. He works with you to develop a bankruptcy solution that fits your specific situation.
Get a Fresh Start in Iowa
Chapter 7 is known as the “fresh start” bankruptcy because it provides relief from these common debts plus routine civil judgments, other unsecured debts, and personal loans. It requires that you give up non-exempt property that exceeds particular limits. The court-appointed trustee negotiates with creditors, sells the property, then uses the proceeds to settle the debt.
If you have assets that you are not willing to give up in bankruptcy such as your home or vehicle, it’s critical that you seek advice from an experienced attorney. At Zisman Law, we can prepare a Chapter 7 bankruptcy case that addresses your needs and helps ensure it achieves your goals.
Can I Qualify for Chapter 7?
If your income is below the state’s median income for your household size, you likely qualify for Chapter 7. Even if you have a higher income, you may be eligible if you pass the Iowa Means test. It determines whether you can pay back your debts through a Chapter 13 repayment plan or if you meet the requirements for Chapter 7. To find out if you are eligible:
- Calculate your current monthly income – Including any wages, business income, rental properties, dividends, retirement plans, and pensions.
- Create a list of all expenses – These are the debts you are legally required to pay, as well as those that are necessary for your health and welfare. Include your mortgage/lease payments, utilities, credit cards, personal loans, health insurance, etc.
- Contact Zisman Law in Fairfield, IA – We can help you determine which income and property are exempt and establish whether you qualify for Chapter 7.
Please keep in mind that just because you CAN file for Chapter 7 doesn’t mean you should. If it’s not in your best interests to do so, we can discuss alternatives that may help relieve your debt burden and rebuild your credit without bankruptcy.
What are the Benefits of Chapter 7 Iowa?
The Automatic Stay pauses all legal action against you, immediately – Creditors cannot legally contact you once you file for bankruptcy consideration.
There are no minimum debt requirements – It doesn’t matter how much you owe. If it is too much for you to repay and you qualify, you can file for Chapter 7 bankruptcy.
Unsecured debts are wiped out – If you have personal loans or credit card balances, bankruptcy can discharge the debt. You are no longer responsible for those payments.
Exempt property and wages earned – Property acquired and wages earned after you file for Chapter 7 are not subject to the bankruptcy court or creditors.
Fast Resolution – Your case may be completed in approximately six months
Contact a Fairfield, IA Bankruptcy Attorney Near Me
Filing for bankruptcy in Iowa is a complex legal process. It can help you clean up your credit and start over financially. Have you tried working with your auto loan company, mortgage lender, credit card companies, or landlord without success? Are you missing payments and still cannot provide necessities?
You don’t have to live with that stress and uncertainty. Contact Zisman Law today or call at 641-472-5141 to schedule a free phone consultation. We can help you get past the financial obstacles, get debt relief, and take your life back.
