Bankruptcy

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Marks Law Firm, Des Moines Iowa

Bankruptcy

Many people who find themselves struggling with debt can qualify for relief under Iowa bankruptcy laws. Individuals may find a solution to their problems with either a Chapter 7 or Chapter 13 bankruptcy. Des Moines legal firm Marks Law specializes in both forms of bankruptcy.

To gain a better understanding of each type of bankruptcy, let’s begin by looking at what they have in common. Both types of bankruptcy:

  • Will stop garnishments and judgments.
  • Will NOT eliminate student loans, child support obligations or court fines.
  • Can help with tax debt (speak with an Iowa bankruptcy attorney for details).
  • Allow you to keep your home or car as long as you continue to make payments.
  • Have exemptions that allow most people to retain all of their assets.

There are differences, however.

To gain a better understanding of the differences between each type of bankruptcy, let’s look at the primary difference between them.

If a person has the ability to pay to their creditors some or all of their debt then the person probably qualifies for a Chapter 13 bankruptcy. In Iowa, if a person doesn’t have the ability to pay their creditors anything then they probably qualify for a Chapter 7 bankruptcy.

This rule is not set in stone but seems to be a solid guideline for people considering bankruptcy. In addition to the issue of qualifying for bankruptcy here are a few other differences:

Click Here To learn more about Chapter 7 bankruptcy in Iowa

Click Here To learn more about Chapter 13 bankruptcy in Iowa

You will want to discuss your specific situation with an attorney to determine which type of bankruptcy is right for you.

Call or contact Marks Law Firm to set up a free, no obligation consultation. We’ll listen to your story, discuss your situation and help you to determine how you can best deal with your debt situation.

Contact Marks Law Firm to discuss your situation.
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