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Waterloo Bankruptcy Attorney

There are many myths about bankruptcy. Many of them are incorrect. That is why one should consult with a Waterloo bankruptcy attorney as opposed to listening to myths circulating on the Internet.

Bankruptcy laws vary from state to state, so do not assume that your friend’s bankruptcy process in Ohio will be like yours in Iowa. The laws are different – especially the exemption laws that govern which assets a trustee may seize and sell to creditors. One myth is that all of your assets can be sold, while another myth is that none of them can be. The truth lies in between, which can be gleaned by consulting with a qualified Waterloo bankruptcy lawyer.

One trustee function is to marshal and sell assets, but not all assets are exposed to the reach of the trustee. For instance, the type of bankruptcy one files will determine how much the trustee may seize. Case in point would be a Chapter 13 bankruptcy, a reorganization bankruptcy. In this instance, the debtor keeps the vast majority (and in some cases all) of their assets and creates a repayment plan to settle their debts. A chapter 7 debtor can also protect a fair number of assets.

Another myth is that if a person seeks bankruptcy protection, they will never be able to file again. A Waterloo bankruptcy attorney can determine if you have the chance to re-file. And yet another myth is that you can never obtain credit again after a bankruptcy. This is simply not true. Those who have declared bankruptcy can, and do, get credit again. For instance, within two years after filing a Chapter 7, debtors may be eligible for mortgage loans featuring just about the same terms as someone who has not declared bankruptcy. Creditors are more interested in the stability of a debtor, and not the fact that they sought bankruptcy protection.

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