If you, as the owner of a business, are facing the possibility of bankruptcy, you may wonder what will happen to your Iowa company if you file for Chapter 7. A Chapter 7 bankruptcy allows you to liquidate some of your debts, but you may fear losing your business in the process. Actually, filing for Chapter 7 will have different results depending on the type of business you own, as well as whether you file personally or as a business.
Most Iowa residents are at least somewhat familiar with common family matters, such as divorce, prenuptial agreements and paternity. However, a mention of emancipation is more likely to bring up images of Abraham Lincoln than it is to summon an idea of its other meaning: the assumption by a child of the legal rights and privileges of adulthood.
If you've run into tough times regarding finances, you might find yourself mulling over possible solutions in your mind all the time. Sometimes, money problems feel more permanent than they actually are depending on what type of support resources are available in a particular situation. If you've also been feeling tired, sad or nervous a lot, it may well be that your financial crisis is taking a toll on your mental health.
As you make preparations for your child’s future, you may have already designated a person to be a guardian for your child in the event you and your spouse are incapacitated or pass away. You might also be considering setting up a trust for the child and are looking for a person to be an Iowa trustee. Then it hits you: why not name the person that would be your child’s guardian as the trustee? It seems like a logical step, but you should be careful as you consider this choice.
If you are preparing to file bankruptcy in an Iowa court, be sure that you have accurately disclosed your financial assets. In the event your bankruptcy judge discovers that you have omitted one or more of your assets, you could face serious trouble. Not only can your bankruptcy case fall apart, but you might end up charged with bankruptcy fraud.
Iowa collects birth records, adoption agreements and other related information thoroughly, making it possible for adoptees to search for their birth siblings or parents in some cases. It could benefit you to know what to do if you were to receive a request from your child to help find biological family members — a common inquiry once a child understands the details of your family situation.