Many individuals who are having a
difficult time managing their debt qualify for relief under Iowa bankruptcy
laws. A Chapter 13 bankruptcy is sometimes referred to as debt restructuring. When
someone files for this type of bankruptcy, our office creates a repayment plan
that usually includes better repayment terms such as 0% interest. This gives
you the opportunity to repay some or all of your debts over a longer period of
time, between 36-60 months. The only person you are responsible to is the
trustee for your case, so creditors cannot foreclose you, sue you, garnish you,
or contact you to collect debt once you have filed.
This option may be right for you if:
You are behind on
your mortgage payments and want to rescue your home from foreclosure.
You want to make
up missed payments on your home or car over time to reinstate the original
You have a
sincere desire to repay your debts and you think filing Chapter 13 bankruptcy
is simply the right thing to do.
You continue to
incur new debt but need relief and help with repayment now. This type leaves
open the option to file a Chapter 7 bankruptcy in the future.
Free Initial Consultation – Our office
collects important documents and begins assessing your case.
Day 0 – Filing Date – We help you file
petition for bankruptcy relief pursuant to Chapter 7 of the Bankruptcy Code.
Day 30 – Meeting of Creditors, also
called 341 Hearing – In court, the judge asks a few simple questions in order
to approve the petition. Your plan to pay off priority debts begins.
3-5 years – Discharge – After the plan
is complete, any outstanding non-priority debt is wiped away and your fresh
Having the right attorney is key to a
smooth, successful, and prompt bankruptcy resolution.
Do I qualify for
Chapter 13 bankruptcy?
This type of bankruptcy is best for
clients with a sincere desire to repay their debts but need the protection of
bankruptcy law to make the process easier. You must have a regular income and
be able to pay all of your regular monthly expenses (house, car, electric,
medical, etc.) excluding credit cards. Since Chapter 13 includes a restructured
plan, a qualified lawyer like Sam Marks is the best resource to assess the
factors specific to your case, such as expenses, income, loans, job changes,
and financial goals.
How will my
credit be affected?
Of course, any type of bankruptcy will
negatively reflect on your credit for some time. The bankruptcy will appear on
your credit report for 10 years after you file. There are many factors taken
into account and the damage is not permanent.
Financial benefits to a Chapter 13
debt to make it more financially feasible
home and assets from foreclosure or repossession
reporting on your credit report
to a single trustee instead of many creditors
family, or friends to collect debt
judgements against you
What if I have
Considering filing again? You may be
eligible based on the type of bankruptcy and the length of time.
If you received a
discharge from a Chapter 7, 11, or 12, you can file a Chapter 13 after 4 years.
If you received a
discharge from a Chapter 13 before, you can file another Chapter 13 after 2 years.
Even if you don’t believe you are
eligible to file another bankruptcy, you still may want to visit with Marks Law
Firm to discuss your options. We work in the areas of collection defense,
consumer protection, and foreclosure defense. Our consultations are free and we