Many individuals who are having a
difficult time managing their debt qualify for relief under Iowa bankruptcy
laws. A Chapter 7 bankruptcy is sometimes referred to as “liquidation”
bankruptcy or “straight” bankruptcy because it discharges any amount of debt.
You are no longer personally liable for the discharged debt, meaning you can focus
your time and energy on rebuilding your life.
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.
Day 90 – Discharge – Your debts are
discharged, and your fresh start begins.
Having the right attorney is key to a
smooth, successful, and prompt bankruptcy resolution.
Do I qualify for
Chapter 7 bankruptcy?
This type of bankruptcy is best for
clients with more debt than income, or a negative cash flow. Some of your
property is surrendered to pay off as much debt as possible, while your exempt
property is kept. 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. However, most people think
that filing under Chapter 7 will damage their credit and financial well-being
forever, but this isn’t true. You may be shocked to learn that it’s possible to
have a better credit score 12-15 months after filing for bankruptcy relief. There
are many factors taken into account, but the damage is not permanent.
Financial benefits to a Chapter 7
reporting on your credit report
Wipes away all
eligible unsecured debt, meaning your debt to income ratio will significantly
personal liability to creditors and negative payment history, making you more
attractive to future creditors considering giving you a loan
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 before, you can file another Chapter 7 after 8
If you received a
discharge from a Chapter 13 before, you can file a Chapter 7 after 6 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 can