Helping Clients Regain Financial Stability In Des Moines, Iowa
Struggling with debt can impact many areas of life. When your financial security is in jeopardy, it can be difficult to know where to turn for relief. In these situations, making well-balanced and calculated decisions is crucial – but where can you turn for trusted guidance?
Bankruptcy is a valuable tool that has been used by countless people to regain financial stability. There’s no shame in needing and taking available help, and bankruptcy has proven to be immensely beneficial to those facing money-based challenges time and again.
Chapter 13 bankruptcy considers your liabilities and reorganizes them to pay them with maximum efficiency. It is best suited for higher-income earners or those with additional assets needing protection. Chapter 13 can also be used to rescue houses from foreclosure.
At Marks Law Firm, our qualified Chapter 13 bankruptcy attorneys have helped individuals across Iowa effectively navigate financial hardship. When it comes to the Chapter 13 bankruptcy process, we will ensure that all aspects of your case are meticulously cared for – paving the way for a brighter future ahead.
How Does A Chapter 13 Bankruptcy Potentially Save Homes?
With Chapter 13 bankruptcies, filing for bankruptcy prevents your mortgage lender from continuing with foreclosure proceedings.
You and your attorney will then propose a repayment plan to the Bankruptcy Court. The basis of this plan consists of tallying the amount that you’re behind on mortgage payments. You’ll then pay back a fraction of that amount each month for three to five years, on top of ongoing mortgage payments.
If you stay current on these payments, this Bankruptcy repayment plan can help you keep your home.
What Types Of Debt Are Dischargeable In A Chapter 13 Bankruptcy?
Examples of dischargeable debts include:
- Medical debt
- Credit card debt
- Past-due utility bills
- Personal loans
- Payday loans
Typically, the same debts that are not dischargeable in Chapter 7 are not dischargeable in Chapter 13, such as child support, alimony, willful and malicious injuries, certain taxes, and student loans.
What Assets Are Kept In A Chapter 13 Bankruptcy?
Typically, you can keep the same assets in a Chapter 13 bankruptcy that you can keep in Chapter 7, such as your house, a daily-use car, retirement accounts, clothing, and furniture.
In addition, depending on how your Chapter 13 plan is set up, you may be able to keep additional vehicles, real estate, or other assets that you would not otherwise get to keep in Chapter 7.
Will Anything Be Lost In A Chapter 13 Bankruptcy?
Individuals can potentially lose assets in a Chapter 13 bankruptcy, but every situation is different. Losses are determined on a case-by-case basis. An attorney will work with you on creative solutions to get what you want. In Chapter 13, the essential step is to figure out what you want and devise a plan.
How Long Does A Chapter 13 Bankruptcy Typically Take?
Chapter 13 Bankruptcies take 36 to 60 months from the day you file to the day you receive your discharge, depending on your income and what you’re trying to accomplish in the plan.
What Happens If Someone Defaults Or Misses A Payment?
Missing one payment during a Chapter 13 bankruptcy isn’t going to be the end of the world. However, missing a series of payments will be terminal, and your case can be dismissed. You could be barred from filing again for 180 days, depending on your default.
Our firm has ways to help clients who get into that situation and will work to prevent your case from being dismissed.
Can People Ever Buy A Car Or House After Filing For Bankruptcy?
Most of our clients at Marks Law Firm can generally get financing for a car the day after they file bankruptcy.
In terms of getting a house, you can qualify for Federal Housing Administration, or FHA financing, two years after you file, and you can get conventional financing four years after you file. Our firm has had clients obtain home loans while in a Chapter 13 bankruptcy.
What Happens To My Credit After I File For Bankruptcy? Which One Is Better For Your Credit Score?
Chapter 13 and Chapter 7 bankruptcies affect your credit similarly: your credit will initially take a hit. How much of an impact bankruptcy has will depend on what your score was when you started the process. Our firm has seen that 15 to 24 months after filing bankruptcy, clients’ credit is as high, if not higher, than when they initially filed.
Marks Law Firm Is Here To Help
Your online search for a “Chapter 13 bankruptcy lawyer near me” ends here.
For more information on filing a Chapter 13 bankruptcy in Des Moines, speaking with a qualified attorney is your next best step.
Contact us here or call (515) 276-7211 to schedule a free initial consultation with a member of our team today!
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