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Bankrujptcy Archives

Will you lose your home if you file for bankruptcy?

Filing for bankruptcy protection is something many Iowa residents do when they need to dig themselves out of debt or get a fresh financial start. If you count yourself among those considering doing so, you may be wondering how filing will affect other aspects of your life, and whether you will have to surrender your home at some point during bankruptcy proceedings.

Could I declare bankruptcy on my student loans?

Your student loans would probably not be eligible for discharge, regardless of whether you intend to pursue it through bankruptcy or another means of debt relief. That does not mean it is impossible to handle student debts. There might some avenues available to you if you are truly unable to address your loans, such as proving to an Iowa court that you have a unique situation.

Chapter 7 and businesses: what you should know

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.

Why asset disclosure is important while filing bankruptcy

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.

What is the bankruptcy means test?

If you are an Iowa resident and you, like many others, are finding it difficult to dig your way out from underneath mounting debt, you may be giving some consideration to filing for bankruptcy in an effort to find relief. You may be familiar with the terms “Chapter 7 bankruptcy” and “Chapter 13 bankruptcy,” but you may not completely understand the two methods, or know which form might be available or a better option for you.

Is bankruptcy bad for someone's reputation?

Bankruptcy in Iowa could have many consequences, some advantageous for you and some that are not so desirable. However, damage to your reputation should typically be minimal. While bankruptcies are public record, they are rarely front-page news. Additionally, while word does tend to get around about these things, anyone not in your immediate circle would likely have to go to considerable lengths to discover your financial history.

Modifying organizational processes to prevent bankruptcy

Once a company realizes they are financially stricken and at risk of having to file for bankruptcy, they should immediately modify their organizational processes to compromise for their losses. Quick thinking, proactive action and commitment may allow a struggling business to come out on top after slowly and steadily working its way back into a competitive position in Iowa.

How long does a bankruptcy stay on my credit report?

If you are like most Iowa residents burdened by unmanageable debt, you have probably taken your struggle as an opportunity to plan your future. Whichever debt management strategy you choose might have a significant impact on your credit going forward. For example, bankruptcy carries a relatively lasting repercussion: Credit reporting companies may report bankruptcy data for ten years after your bankruptcy becomes official.

What debts are not covered under Chapter 7 bankruptcy?

The possibility of gaining a fresh financial start can make Chapter 7 bankruptcy attractive to Iowa residents looking for a way to climb out from underneath large financial debt. A person filing for Chapter 7 can successfully liquidate a number of debts, including credit card bills, medical bills and personal loans. However, according to the U.S. Courts website, there are some debts that, for various reasons, will not be discharged under Chapter 7.

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