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Iowa Chapter 13 Bankruptcy

Understanding Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is also known as a wage earner’s or repayment bankruptcy. Just as its name implies, it provides a way to repay all, or at least some, of the money you owe to your creditors from the income or wages you earn.

Chapter 13 is a court-ordered debt repayment plan which reorganizes your finances to give you as much relief and protection as possible. This option may be better if you have assets you cannot protect in a Chapter 7, earn too much money, wish to stop a foreclosure action, recently filed bankruptcy, or need help dealing with creditors you cannot discharge through bankruptcy, such as a taxing authority, domestic support obligation, secured creditor, or a student loan creditor.

With an Iowa Chapter 13 lawyer, we will discuss and create a budget and repayment plan with you, specifying the amount to be paid on your debt each month. The money that you pay to your plan goes to a court appointed bankruptcy trustee, who distributes the money to your creditors according to the terms of the plan. It is common in a repayment plan to pay less than the full amount you owe and still receive a discharge of the full amount at the end of the plan, if you meet all of the requirements of your plan.

Most Chapter 13 plans are required to be five years. During that period, you are protected from creditors, so long as you keep making payments to the trustee, and stay current on all secured debt where you wish to retain the asset secured by the debt. Give us a call. We offer very reasonable fees, flexible payment plans and offer free consultations and quotes.

Bankruptcy Relief is an Option

The Bankruptcy Code is a complex federal law, which is why you need effective legal representation to help you. Bankruptcy is on the rise, as it is not easy keeping up in today’s economy. There should be no stigma associated with it, as it is no different than any other federal body of law where people benefit from its application, such as claiming a deduction or tax credit on a tax return pursuant to federal tax law.

Both laws provide a financial benefit to the individual if they follow the law, but no one feels ashamed or embarrassed claiming a tax deduction to protect money from government reach. Similarly, no one should feel ashamed protecting their income and assets from the reach of creditors by utilizing federal bankruptcy law.

If you are eligible, the law is there to protect you, and it is there to help you and your family get a fresh start. Bankruptcy is designed to give an honest debtor a lease on life by relieving them of most debts and to pay creditors to the extent the debtor has assets or income.

As your attorneys, we strive to make your payments affordable, allowing you to keep as much as you can.

Iowa Bankruptcy Lawyer and Chapter 13 Attorney

If you are thinking about filing bankruptcy, you are not alone. We are here to help individuals and businesses deal with debt through Chapter 7 debt relief, Chapter 11 debt reorganization, Chapter 12 debt reorganization for farmers, and Chapter 13 debt restructuring and management solutions.

An Iowa bankruptcy attorney can stop creditor harassment, garnishments, foreclosures and repossessions much more efficiently and effectively than debt settlement companies and credit counseling agencies. We offer high quality legal representation, compassionate legal advice, and straightforward solutions to solve your financial problems.

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