Southeast Iowa Chapter 7 Bankruptcy Attorney
Once you make the decision to regain your financial freedom by embarking on the bankruptcy process (more general information on how we can guide you through the bankruptcy process, one major decision you will want to make is whether to pursue a Chapter 7 or Chapter 13 proceeding. At the Noyes Law Office in Fairfield, we have helped guide hundreds of Iowans just like yourself in regaining their financial freedom through Chapter 7 proceedings, and we can do the same for you. Contact our professional Southeast Iowa chapter 7 bankruptcy attorneys today.
What are the Benefits of a Chapter 7 Bankruptcy Filing?
The primary feature of a Chapter 7 bankruptcy is that, once the court approves your filing, all of your eligible debts will be discharged, meaning you will no longer be required to pay them and thus will be free of them forever. This is contrasted with a Chapter 13 reorganization in which the court will approve a payment plan of your debts, which can reduce the amount you owe and extend the time for repayment. Generally, most of our clients opt for the simplicity of the Chapter 7 filing to provide instant debt relief so that they can get a fresh start financially, free from debtor claims.
Can I Discharge All My Debts in a Chapter 7 Bankruptcy?
You can discharge most consumer debt claims for good, but there are some types of debt that cannot be discharged, including most student loan debt, alimony, child support, and some tax obligations. But most types of debt are completely dischargeable, and we will work with you to discharge the maximum amount of debt possible under the law.
What Assets Can I Keep When Filing a Chapter 7 Bankruptcy?
Iowa allows individuals filing a Chapter 7 bankruptcy to keep the following exempt assets after their debts are discharged:
- At least 75% of earned wages
- Your house or apartment (subject to certain limitations)
- Government pensions, unemployment benefits, social security benefits, veteran’s benefits, workers’ compensation payments, etc.
- Limited insurance proceeds
- Alimony or child support payments
- Motor vehicle valued up to $5,000
- Limited personal property including clothing and wedding rings
We will work with you to make sure you are able to keep as many assets as possible under Iowa state law.
How Soon Can I Get Protection from Creditors Harassing Me?
As soon as you file your bankruptcy petition, you will have immediate protection from creditor collection efforts, including wage garnishment. We will work with you to collect your financial records, draft and finalize your bankruptcy petition and get it filed as soon as possible to help protect you from creditors.
What Happens to My Credit Score After a Chapter 7 Bankruptcy?
By discharging your debts in a Chapter 7 bankruptcy, your credit score will be at least temporarily lowered, but the vast majority of clients find that the life-changing freedom they find through relief from the burden of crushing debt outweighs the temporary effects on their credit score. We can also guide you on the path to possibly restoring your credit score to at least a 720 through the “7 Steps to 720,” program.
Contact the Noyes Law Office Today to Get Back on the Road to Freedom
If you would like to speak with a professional regarding whether a Chapter 7 bankruptcy is right for you, call the Noyes Law Office today at 641-472-3236 or 800-875-7148 to schedule your free consultation. Contact our experienced Southeast Iowa chapter 7 bankruptcy attorneys today.