Protection For “your stuff” When Filing Bankruptcy in Chariton
Chariton, Iowa has a long tradition of family values and hard work associated with its name. Marks Law Firm has helped many of Chariton’s residents file for Chapter 7 bankruptcy protection through the years. This has led to the hard-working people of Chariton (and Lucas County, Iowa) regaining their financial freedom and freeing themselves from creditors calling night and day. It also can stop the repossession of valuable assets.
As soon as you file a Chapter 7 bankruptcy, the court appoints a trustee whose job it is to find assets that can be used to pay all or part of your debt. You really want the trustee to not be able to find any assets, or certainly not much for assets. The best way to keep your assets away from the trustee is to claim them as exempt. What you can claim as exempt and how much is obviously very important. In Iowa, you have certain items your attorney can help you protect. Here are a few typical items:
Common Household Goods (You get to keep your pots and pans!)
Tools of the Trade (If you have a job that requires specialized equipment or tools, the courts want you to be able to keep those items.)
Your Vehicle (Not all vehicles are equal in this exemption. Your attorney can make sure you are able to keep your method of transportation.)
Your Home (We all need to live somewhere.)
These are just a few examples. It is not a complete list, and you should contact our office for a free consult with an experienced attorney at 515-276-7211.