Your life in Des Moines has taken a turn for the worse. What was once the easy life has turned into nothing but misery due to mounting debt and endless phone calls from creditors. In fact, the situation has you looking into bankruptcy, specifically Chapter 7, as a way to stop all of the hassling and draining of your funds. It’s time to talk to Bankruptcy Lawyer Des Moines about your options, and how Chapter 7 can work for you.
The two most commonly used consumer bankruptcies are Chapters 7 and 13. Your bankruptcy lawyer Des Moines explains how both work to you in detail, but if you have very few assets of value, not a lot of income and a large amount of debt, then you are most likely going to file for Chapter 7. Typically this chapter is used for liquidating assets in order to pay creditors, but you may be able to exempt many of your assets, especially if you own very little, under Iowa’s exemption statutes. In fact, if you own a car and you owe on it, you can keep it provided you can prove you are capable of making the payments. You lose very little if you have little to lose in a Chapter 7 bankruptcy.
Your bankruptcy lawyer Des Moines is the best source of information about filing for Chapter 7. He goes over your financial picture with you and can tell you what your best option for filing is going to be. He has you fill out a means test that ultimately tells you which chapter of bankruptcy you are able to file in. After you complete the test, you move on to the petition which is submitted to the court when it is finished.
The petition is a long and complicated packet that requires all of your financial information. Your Bankruptcy Lawyer Des Moines guides you through the process of filling it out, and makes sure that all of the information is correct and complete. Remember that complete honesty is required of you when you fill out the petition. If the trustee finds out you lied or hid assets, your bankruptcy can be derailed.
Be honest, relax and let your lawyer do the heavy lifting for you to reach discharge.
