What Are Some Bankruptcy Options Available In Iowa?

Those who are struggling with debt may be able to find relief through Chapter 13 bankruptcy. This process involves creating a repayment plan approved by the court and can be a good option for those who have a steady income. For individuals who do not have a stable income or who wish to completely eliminate unsecured loans, credit card debts, or medical bills, a chapter 7 bankruptcy lawyer from Marks Law Firm may be the most useful option.

Continue reading to get a better idea of all the bankruptcy options you have with Marks Law Firm in Des Moines, lA. We also help with foreclosure and consumer protection!

Will I Lose Everything If I Go Bankrupt?

There are many myths and misconceptions about bankruptcy. One common belief is that you will lose all of your possessions if you declare bankruptcy. However, this is not the case. Federal and state laws protect certain assets, such as your home, from creditors in bankruptcy proceedings. The exemption amount and types of exempt assets vary from state to state. In Iowa, for example, your home is often exempt regardless of its value.

As long as your property is less than half an acre within city limits or 40 acres outside of city limits, you can protect it with bankruptcy. In addition, up to $7,000 in equity in a motor vehicle may also be exempt. There are other exemptions available to those filing for bankruptcy in Iowa. To know all the exemptions you may qualify for, it’s necessary to speak with a skilled bankruptcy lawyer before you attempt to file for bankruptcy alone.

Bankruptcy In Iowa: Will You Need A Lawyer?

Technically, it’s possible to file bankruptcy without professional representation. However, it’s strongly recommended that you work with an experienced Des Moines lawyer to resolve your financial troubles. Not only will it save you stress in the short-term, but it can avoid serious long-term implications if you make a mistake. Filing “pro se” means that you file a bankruptcy case without the assistance of a bankruptcy attorney.

Bankruptcy is a serious process that should not be taken lightly. If you choose to file for bankruptcy without the help of an experienced attorney, you will be held to the same high standards as those with extensive experience and a license to practice Iowa bankruptcy law. This means that ignorance of the law will not excuse any mistakes made in your bankruptcy case, and you could be charged with perjury if you are found to have lied (or made a mistake) in your filings.