Southwest Iowa Bankruptcy Attorneys
When you don’t earn enough money to repay your debts, your monthly bills and loan payments may quickly spiral out of control. Fortunately, declaring bankruptcy is a proven way to wipe the slate clean. At Peters Law Firm, we can help you navigate the convoluted Bankruptcy Code to ensure a desirable outcome in your case. Our bankruptcy lawyers in Council Bluffs have decades of experience helping individuals, couples, and families just like yours.
For help learning how to file Chapter 7, please contact us for a free consultation today.
Peters Law Firm Has Highly Skilled Chapter 7 Bankruptcy Attorney Services
Peters Law Firm takes great pride in rendering top-of-the-line legal services because we know much more goes into building a community than brick, steel, and asphalt. One of the most important things that happens in a community is financial regulation, and that’s where we come in. Don’t hesitate to contact us if you have need for lawyers for Chapter 7 cases.
When residents of Council Bluffs want Chapter 7 lawyers who work tirelessly on their behalf, they call Peters Law Firm. We take the extra time to ensure we handle your issues with the utmost care and strive to render the best customer service experience possible. There isn’t a length we won’t go to in order to make you smile. Your satisfaction is all that matters to us, because the feeling of a job well done is the best feeling in the world.
Who Can File for Chapter 7 Bankruptcy?
Chapter 7 is the most common type of bankruptcy filing. Also known as straight bankruptcy, filing Chapter 7 involves asking the court to forgive your debts in exchange for any non-exempt property you own. During our initial meeting together, Peters Law Firm can help you determine what property you can keep and what you may need to hand over.
Filing Chapter 7 requires you to pass a “means test,” proving that your income is below a certain threshold. This tells the court you are financially unable to fulfill your debt obligations. If you can’t pass the means test because you earn too much money, filing Chapter 13 may be the right alternative for you.
What Are the Advantages of Filing Chapter 7 Bankruptcy?
One common question we hear is, do you get out of all debts if you declare bankruptcy? If debt forgiveness is your goal, filing Chapter 7 is the best way to achieve it. You can discharge most or all of your unsecured debt this way, including:
- Credit card debts
- Medical bills
- Collection agency debts
- Overdue bills
- Personal loans
In addition to wiping out much of your debt, filing Chapter 7 bankruptcy also stops foreclosure on your home and places a freeze on all lawsuits, wage garnishments, and harassment from creditors. Keep in mind that some types of debt cannot be discharged in bankruptcy, including child and spousal support, taxes and other obligations to the government, and criminal fines or other court-ordered penalties.
What Property Is Exempt in Chapter 7 Bankruptcy?
Many people worry about having their belongings seized if they declare bankruptcy. Thankfully, most Chapter 7 filings are “no-asset” cases, meaning the debtor gets to keep all of their possessions. Here are some examples of exempt property when filing for Chapter 7 bankruptcy in Iowa:
- Your home or apartment with unlimited value
- Your car valued up to $7,000
- A “wild card” of up to $1,000 of any non-real estate property, including cash
- Household belongings
- Any alimony and child support you collect
- Insurance, health, disability, public assistance, unemployment, workers’ compensation, veterans’, pension, and retirement benefits
How Much Does It Cost to File Bankruptcy?
It’s impossible to provide a one-size-fits-all quote, but you can expect to pay a court filing fee, administrative fee, trustee surcharge, and other attorney fees. Our bankruptcy attorney can provide you with an estimate after we analyze your case during a free consultation. Bear in mind that the person filing is usually the one who pays for bankruptcies.
Get Help Filing for Chapter 7 Bankruptcy in Council Bluffs
Peters Law Firm is proud to have a leading team of bankruptcy lawyers. We have served clients in Southwest Iowa since 1895, with an unwavering goal to provide exceptional legal services during trying financial times. Meet with us to discuss how to file bankruptcy so you can free yourself from debt once and for all.
Contact Peters Law Firm for a free bankruptcy consultation today. We serve clients in Storm Lake, Carroll, Crescent, and the surrounding areas.