Chapter 7 Bankruptcy

Is Debt Holding You Back In De Moines, IA?

Our Chapter 7 bankruptcy attorneys will help you determine the best path forward using proven legal strategies.

When significant debt begins to impact your daily life, it may be time to consider your options. Chapter 7 bankruptcy provides individuals and families with a powerful way to wipe the slate clean and get a fresh financial start.

At Marks Law Firm, our lawyers are deeply familiar with the Chapter 7 bankruptcy process. With our help, you will be able to fully understand the scope of your rights, assess your eligibility, and take every step with confidence and efficiency.

With proven legal strategies and a personalized approach, Attorney Samuel Marks is here to help you proceed with the guidance you need to succeed.

Who Is Chapter 7 Bankruptcy For?

Chapter 7 bankruptcy is typically for lower-income earners who don’t have many assets. However, if the person has already filed a Chapter 7, they’re barred from filing another for eight years.

What Type Of Debts Are Dischargeable InA Chapter 7 Bankruptcy?

Almost every type of debt is dischargeable in Chapter 7 bankruptcy, except for child support, certain taxes, alimony, willful and malicious injuries, thefts and student loans.

What Assets Can I Keep If I File Chapter 7 Bankruptcy?

In Iowa Chapter 7 bankruptcies, you can keep your house if you keep paying for it. Additionally, you can keep one car as long as it doesn’t exceed $7,000 in equity.

Additional assets you can keep include:

• Retirement plans,
• Child support,
• Household goods,
• Furnishings,
• Clothing,
• and other belongings.

Usually, you can’t keep your speed boat or RV, though there are scenarios where you could keep your RV. When it comes to general items, you can save almost everything you have.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, often called “liquidation bankruptcy,” involves the sale of non-exempt assets to discharge unsecured debts. This form of bankruptcy suits individuals with limited income and minimal assets. A Chapter 7 bankruptcy lawyer can guide you through the process, helping you find a fresh financial start.

Will I Lose Everything If I File For Bankruptcy?

At Marks Law Firm, the first thing we do when interviewing clients is begin to figure out if our client belongs in a Chapter 7 or Chapter 13 filing by analyzing their income and expenses. We then go over their assets to determine what they get to keep.

It’s not until after both steps that we can make any determinations. However, it’s important to remember that filing for bankruptcy does not mean losing everything. The goal of bankruptcy is to take all your debt, wipe it out, and give you a fresh start.

What Is The Means Test?

The Means Test helps determine which chapter best suits the client by examining their income. In the Means Test, we look at the average of the six months of income before filing, then reduce that number by court-permitted expenses and deductions. If you pass the Means Test, meaning you have limited or negative disposable income, you will file a Chapter 7. If you have disposable income over a certain amount, you will file a Chapter 13.

Timing can be a crucial factor in this process. If you pass the Means Test, there’s no presumption of abuse. If you fail it, there’s a presumption of abuse in Chapter 7. However, it is a rebuttable presumption, and an attorney can help you navigate the situation as needed.

How Long Does A Chapter 7 Bankruptcy Take To Complete In Iowa?

Approximately 90 days from the day you file Chapter 7 bankruptcy to the day you get your discharge. However, the time it takes to get the process finalized depends on your cooperation and determination.

Marks Law Firm Is Here To Serve Your Needs

Your online search for a “Chapter 7 bankruptcy lawyer near me” ends here. For more information on our unique approach to the legal process, an initial consultation is your next best step. Contact us today to get started!

More Information

• Best Chapter 7 Bankruptcy Lawyer In Iowa
• Closing Thoughts: Your Initial Consultation
• Your Credit Score After Chapter 7 Bankruptcy: The Aftermath And Rebuilding For The Future
• Is Chapter 7 Bankruptcy Right For You? Key Considerations For Residents Of Polk County
• What Happens To Your Assets In Chapter 7 Bankruptcy?
• Filing For Chapter 7 Bankruptcy In Iowa: An Overview Of The Process
• The Requirements For Chapter 7 Bankruptcy: Are You Eligible To File?
• Understanding Chapter 7 Bankruptcy: What It Is And How It Works
• The Ease Of Filing Chapter 7 Bankruptcy
• Qualifying For A Chapter 7 Bankruptcy