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Bankruptcy Archives

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.

Which debts can bankruptcy wipe out?

If you find yourself among the many Iowans who feel they are drowning in overwhelming debt, first, know that you are not alone. Second, recognize that it is not at all uncommon to rack up a considerable amount of debt, and that it does not indicate that you are a failure in any way, shape or form.

How bankruptcy can stop creditor harassment

Many people in Iowa and throughout the United States are overwhelmed with credit card debt, medical expenses, mortgage payments, student loans and other types of financial burdens. If you are one who struggles to make your monthly payments on time, you may have been contacted by creditor regarding your delinquent balance or missed payments. In some cases, however, creditors can cross the line from notifying you of the late payments and harassing you with threats and other tactics used to scare you.

Should I file Chapter 7 or Chapter 13 bankruptcy?

If you are preparing to file for bankruptcy in Iowa, you likely have a lot of questions. One of the most common concerns is which type of bankruptcy is the best to file for. The answer to this question will depend on your circumstances and financial situation. The American Bar Association lists the differences between these two types of bankruptcy so you can be prepared to apply for the best option for you.

The Differences Between Chapter 7 and Chapter 13 Bankruptcy

There are numerous reasons why someone could wind up in a difficult financial situation. Perhaps someone lost their job or wound up buried in credit card debt. Many young people are struggling to pay back their student loans or medical bills. Many people will dip into their "rainy day" fund first, exhaust their savings, and ask friends and family for help. When this falls through, an individual who is struggling financially may make the decision to file for bankruptcy.

What will I be left with after filing bankruptcy?

If you are buried in debt, filing for bankruptcy protection can be a good way to get out from under it and make a fresh financial start. However, it is an aggressive solution that should not be made lightly. The fact is that debts can be discharged in bankruptcy, but you will also have to give up certain assets.

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