The decision to file for bankruptcy in Iowa is never an easy one. Bankruptcy was created as a way to give people a fresh financial start, and stop the harassment of creditors. Bankruptcies are heard by Federal bankruptcy courts in jurisdictions across the country. While many of the bankruptcy terms and conditions are universal, each state has varying limits and different procedures. Chapter 7 and Chapter 13 bankruptcies require different filing requirements and produce vastly different outcomes. It is important that you receive expert legal guidance when selecting the type of bankruptcy you will file. Below is an outline for the process of filing a bankruptcy in Iowa.
Selection Of Bankruptcy Attorney
The selection of your bankruptcy attorney is one of the most important aspects. This is a relationship that will likely last months, and possible longer. It is recommended that individuals filing for bankruptcy seek an attorney experienced in bankruptcy in the state where you will file. During consultations, make sure that you have a clear understanding for the payment requirements, the documents you will have to produce, and what timeline you can expect. It is also important at this juncture to discuss any potential tax consequences with your attorney.
Planning, Drafting & Filing The Bankruptcy Petition
You will be required to provide a slew of paperwork and financial documents as well as fill out income, asset, and debt forms. Your bankruptcy attorney in Iowa will then determine, with you, how best to protect your assets and determine which chapter of bankruptcy is best for your situation. In the state of Iowa, you may be required to complete a credit counseling class prior to the filing of your bankruptcy petition; check with your attorney for clarification. Once paperwork is complete, your attorney will file your bankruptcy petition and you will receive notice of the hearing time and date.
Hearing And Discharge Of Bankruptcy In Iowa
A Meeting of Creditors is standard procedure. It gives your creditors the opportunity to review the documents your attorney has prepared and ask questions about income and assets. The Trustee assigned to your case guides the meeting and ensures a fair and equitable solution. Discharge of your bankruptcy can take weeks, or months depending on the complexity of your case and the case load of the Trustee. Your attorney will keep you informed of the progress.
Bankruptcy is a legal process that gives you the ability to start fresh without the burden of unpaid debt. If you are in a financial situation that has caused you to fall behind on the payment of debts, and creditors are harassing you at home and work, it is time to consult with a bankruptcy attorney. The laws for bankruptcy in Iowa are different than in some areas of the country and it is vital that you have expert legal counsel by your side.
Bankruptcy in the state of Iowa can take as little as three months with a Chapter 7. If you are considering filing for a bankruptcy in Iowa, you need expert legal counsel. Schedule a free consultation today with an attorney that has experience in bankruptcy laws in Iowa.