Southeast Iowa Chapter 13 Bankruptcy Attorneys
While many Iowans opt to discharge their debts in a Chapter 7 proceeding, others find that the special rights and privileges available in a Chapter 13 reorganization better suit their financial goals and needs (for more information on the bankruptcy process generally, click here). At the Noyes Law Office in Fairfield, we help Iowans get a fresh financial start by working with them to lower and reorganize their debts through Chapter 13 bankruptcy proceedings, and we are here to help you get the best possible outcome in your Chapter 13 reorganization. Contact our professional Southeast Iowa chapter 13 bankruptcy attorneys today.
How Do I Know if a Chapter 13 Reorganization Is Right for Me?
The main difference between a Chapter 7 and Chapter 13 action is that, in a Chapter 13 proceeding, your debts are reorganized in a less burdensome payment plan rather than being discharged altogether. While you will still need to make payments pursuant to the plan, the benefits of a Chapter 13 reorganization include the following:
- You can keep debt-burdened assets such as cars and boats rather than surrender them to creditors
- You can keep non-exempt property that might otherwise be subject to creditors’ claims in a Chapter 7 proceeding
- You may be able to discharge more types of debts than you could in a Chapter 7 action
- Some people may not be able to file for Chapter 7 if their income is too high or if they have filed for Chapter 7 previously, but practically anyone may file for Chapter 13
What Do I Have to do to File for Chapter 13?
Just like in a Chapter 7 filing, we will work with you to gather your financial records and assemble your petition, but there are two main additional tasks for a Chapter 13 filing:
- Creating a Payment Plan: We will help you devise a payment plan to pay your creditors and/or your past obligations. This can include reduced payments made over a longer period of time. We have many years of experience in creating such plans and will help you create the one that is best for you.
- 341 Meeting: We will represent you at this mandatory meeting with a bankruptcy trustee and your creditors (who are invited but not required to attend) at which we will go over the payment plan prior to it being finalized.
What Happens After I File for Chapter 13?
If your petition is approved, you will no longer have to make payments based on the terms of your previous debt obligations and instead will make payments per the terms of the payment plan that you created and which was approved. This means you will most likely have reduced payments and longer periods in which to pay without additional interest or penalties accruing. You will make payments through your bankruptcy trustee per the terms of the agreement for the agreed upon time, usually three or five years. You will get to keep all of your remaining property, while having a fresh start to pursue your financial goals.
Contact the Noyes Law Office Today to Get Back on the Road to Freedom
To begin the process of filing a Chapter 13 proceeding and getting on the road to financial freedom, call the Noyes Law Office today at 641-472-3236 or 800-875-7148 to schedule your free initial consultation. Contact our experienced Southeast Iowa chapter 13 bankruptcy attorneys today.