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Important Facts About Filing Chapter 7 Bankruptcy in Iowa

Are you in over your head in debt? Do you have lenders calling you at all hours of the day at work and at home? If so, there is a way to get your life back on track. Many people are facing tough economical choices as a result of job losses, wage cuts, and rising interest rates. This can result in a person owing more money than he has coming into his household. Luckily, there are legal avenues to take helping a person get a fresh start in life. One of these is filing an Iowa Chapter 7 Bankruptcy. This is a legal status of an individual who can’t pay money owed to lenders. Filing for Iowa Chapter 7 Bankruptcy starts by consulting with a qualified bankruptcy attorney. He will be able to help a client navigate through the United States bankruptcy court system so the client can successfully resolve his financial matters.

Iowa Chapter 7 Bankruptcy is a section of the United States Bankruptcy Code that was enacted by Congress in 1978. It basically provides for the liquidation of eligible assets so lenders can be paid a portion of what is owed to them. To qualify for this legal status, the filing party must be an individual, partnership, corporation, or other business entity. Some of the main fees associated with filing include a $245 case filing fee and a $46 miscellaneous administrative fee.

To start filing for Iowa Chapter 7 Bankruptcy, a debtor must file a petition with the bankruptcy court in his area. Along with filing the petition, a party must file the following with the court: a list of assets and liabilities; a list of current incomes and expenses; a statement of financial affairs; and a schedule of executory contracts and unexpired leases. The court will assign a trustee to oversee the selling of a debtor’s nonexempt assets. This trustee will also be responsible for using the proceeds to pay off the debtor’s lenders.

Filing for bankruptcy is often complicated and in depth. Acquiring the services of a knowledgeable and experienced bankruptcy attorney will help to ensure an efficient and smooth resolution to being in debt. Visit us at Jankins Law Firm.

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