Janssen Law, PLC

Bankrujptcy Archives

How to manage medical debts

Many people in Des Moines are struggling under a crippling amount of medical debt. According to Fox Business, soon mortgages and credit cards will no longer be the primary reasons why people seek out bankruptcy protection because medical debts will be. Those who cannot pay them, often end up ignoring the bills that come in the mail and persistent phone calls they receive. Some of them sacrifice their health by not going to their doctors so they do not incur any more medical debts. 

What is the means test?

If you want to file Chapter 7 bankruptcy in Iowa, you must pass something called the means test. This was a requirement created when the bankruptcy laws were overhauled. According to NerdWallet, it is designed to help ensure only people who cannot afford to pay off their debts can file Chapter 7. If you do not pass the means test, you will have to file Chapter 13.

Separating bankruptcy fact from fiction

If you are like many people across Iowa who are considering filing for bankruptcy, you may feel fearful, anxious and uninformed. There are many misconceptions out there when it comes to the process, which can make it increasingly difficult to make a truly educated decision about whether it is the right move for you. At Janssen Law, PLC, we have helped many clients learn more about the steps involved in filing for bankruptcy while helping them separate myth from reality in the process.

What is a Chapter 12 bankruptcy?

If you are a family farmer in Iowa who is going through difficult financial times, be aware that there is a bankruptcy procedure designed especially to meet your needs. As findlaw.com explains, it is called a Chapter 12 - Adjustment of Debts of a Family Farmer with a Regular Annual Income. Congress authorized Chapter 12 in response to the many family farmers who are in financial crisis but have too much income to qualify for a Chapter 13 bankruptcy.

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