Janssen Law, PLC

Bankrujptcy Archives

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.

Can your 401(k) be tapped to cover bankruptcy?

For people in Iowa preparing to go through bankruptcy, it can be terrifying to imagine which of your finanical assets may be used to pay off debts. Some worry that creditors could even go after their retirement plans, such as a 401(k) plan. The truth, however, can make you breathe a little easier. The fact is that your 401(k) is actually well protected.

Does working with a debt consolidation company work?

If you are facing bankruptcy in Iowa, you may be tempted to try a debt consolidation company. These companies make big promises to help eliminate your debt, often for pennies on the dollar. However, are they actually helpful? Is it better to go through one of these companies than to just file for bankruptcy?

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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