Cedar Rapids Bankruptcy Attorneys
Helping You Safeguard Your Financial Future
Our Cedar Rapids bankruptcy lawyers focus on Chapter 7 bankruptcy cases for individuals. Chapter 7 bankruptcy, also known as "liquidation," can allow you to dismiss most of your debts, with certain exceptions and start over debt-free. However, Chapter 7 bankruptcy is extremely complicated and eligibility is dependent upon both income and the type of debt you wish to discharge, Bankruptcy can also significantly affect your credit score. Our bankruptcy attorneys can help you determine whether Chapter 7 bankruptcy is your best option or if there are better ways to manage your financial situation.
Call our Cedar Rapids bankruptcy attorneys at (319) 264-2922 for more information.
Chapter 7 Bankruptcy in Iowa
Filing for Chapter 7 in Iowa allows you to get the debt relief you need relatively quickly, and can even stop a garnishment. The determination of income and debts needs to be carefully evaluated. What may seem like a small difference can have a significant impact on what debts can be discharged and what you get to keep.
Essentially, all property falls into two categories: exempt and non-exempt property.
- Exempt property usually includes essentials you need to maintain a living. Examples include equity in your home, and your retirement accounts. Certain assets are also exempt up to certain value limits such as vehicles, cash on hand, furniture and appliances and money owed to you.
- Nonexempt property often includes luxury items or property with high equity over certain limits.
Iowa bankruptcy exemptions include the following:
- Up to $7,000 in a vehicle
- Up to $7,000 of household furniture
- Up to $1,000 of any personal property
- Wedding ring or engagement ring
- One rifle or shotgun
- Alimony and child support
- Cemeteries and burial property
- Insurance benefits
- Pension and retirement benefits
- Veterans benefits
You may claim the above exemptions or additional ones depending on your unique circumstances. Spouses can choose to file together and double the exemption amount. Keep in mind that a court-appointed trustee will be in charge of overseeing your case and may object to your exemptions.
Qualifying for Bankruptcy
Not everyone qualifies for debt relief via chapter 7 bankruptcy. Whether you can file a chapter 7 bankruptcy depends on your income and the result of the means test. The means test determines applicants who may be able to pay back their debts without filing bankruptcy.
When you file chapter 7 bankruptcy the following documents will need to be provided to the court:
- Tax returns
- Six months of employment, income, and investment statements
- Government-issued identification
- Loan statements
- Bank statements
- And more
The trustee may request more information to evaluate your situation. You must consult an attorney before submitting legal documents to court.
Once you have filed the necessary documentation, you will attend a 341 hearing, which allows the trustee to ask questions and verify the details of your bankruptcy case. Then, you will need to complete a debtor education course and file a completion certificate both before and after the actual bankruptcy filing.
Providing Support Throughout Your Bankruptcy Case
At Howes Law Firm, P.C., we believe in providing high-quality legal counsel to those who need it most. We work alongside you to determine whether Chapter 7 bankruptcy is right for you and guide you through the filing process. Our team creates legal strategies backed by over 30 years of combined experience.
Give your bankruptcy case to a team you can trust. Schedule your free initial consultation with our Cedar Rapids bankruptcy attorneys today.
A Firm That Cares About Their Clients' Outcomes
Well Respected by Judges, Attorneys and the Community
Willing to Travel to Clients Who Are Unable To
Free Half-Hour Initial Consultation