1.877.888.1766
2011 | Iowa Bankruptcy Attorney

To File Chapter 7 Bankruptcy in Iowa Speak to a Waterloo Bankruptcy Lawyer

Posted by: Admin User

If you do not know where to start to file a Chapter 7 bankruptcy, make a call to a Waterloo bankruptcy lawyer.

Filing for bankruptcy is a tough decision for anyone to make, even it if appears to be the only thing left to do. Admitting that we are in over our heads financially is one of the most embarrassing and depressing issues anyone could face. They feel that somehow they failed in life. That is not true. Bankruptcy happens to anyone, and you only have to read the stories on the Internet to know that even celebrities declare bankruptcy.

Perhaps a Chapter 7 filing would suit your situation, but you are not sure. Make an appointment to meet with a Waterloo bankruptcy attorney and go over your financial situation. Typically, the first meeting is free and you will get good, solid advice. From there, you can hire the lawyer and move forward through the maze of the bankruptcy system.
Here is a quick overview of what will happen once you hire a bankruptcy lawyer:

– For a Chapter 7, the lawyer files your petition and statement of financial affairs with the courts
– The papers outline your total debt, your income, expenses and what property you own
– Once the papers are filed, you are granted an automatic stay that stops collections activity
– A trustee is assigned to the case and will identify and sell your assets, paying the proceeds to creditors
– Priority creditors are paid first
– When the process is complete, in about four to six months, the debt is discharged
– Discharged debts may include unsecured personal loans, credit card debt and medical bills
– Note: Chapter 7 bankruptcy may not stop all collections if a bankruptcy judge determines there is cause

Declaring bankruptcy is fairly straightforward, but is complex, which is why you need the services of an experienced bankruptcy attorney. This has been the case since the inception of the Bankruptcy Abuse Prevention and Consumer Act in 2005. It made filing harder, and now requires that you pass an income test. In a nutshell, the income test figures out if your salary is below other residents that live in Iowa.

If your income is below the median line, it is likely you may file for Chapter 7 bankruptcy. If your income is above that same line, there is more means testing. Generally speaking, the additional means testing involves subtracting certain expenses from your income such as mortgage payments, car loans, tuition, and taxes. Once that is done, if you have $100 a month to pay for 60 months towards your debt, you may not qualify for Chapter 7. You may still pay up to 25 percent in debt repayments though.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Tuesday, December 27th, 2011 and filed under Bankruptcy | Comments Off on To File Chapter 7 Bankruptcy in Iowa Speak to a Waterloo Bankruptcy Lawyer .

Consult an Iowa Bankruptcy Lawyer Before Confusion Begins When Considering Going Bankrupt

Posted by: Admin User

If you have nowhere else to turn because your debts are completely overwhelming, it may be time to consider bankruptcy protection
Let’s face it, the economy is still rocky, but we still have to pay the bills. No one else will pay them for us, although that would be great if they did. These days there are a lot of Americans living from paycheck to paycheck and using credit cards to fill in the gaps when they do not have cash.

That kind of behavior, while totally understandable, will land them in financial hot water. The cycle of only paying the minimum on the cards continues, but so do the purchases, and one day the bill is staggering enough to make the person realize there is no way they can keep living like that.

Do you have high credit card debt, creditors calling you and unpaid medical bills and just not enough cash to pay any of it in full? Are you being harassed by creditors, receiving letters in the mail, or getting a notice of garnishment at work? If you are, it is time to talk to a qualified and experienced Cedar Rapids bankruptcy lawyer.

Filing Chapter 7 will stop the creditors cold and discharge certain types of unsecured debt. Chapter 13 may stop a foreclosure and allow you to set up a repayment plan. Those are just the highlights of what filing for bankruptcy protection may offer you. Typically, which chapter you elect to file under has to do with your circumstances when you file. No two cases are alike and your Iowa bankruptcy lawyer can walk you through the steps you need to confront to start a new financial life.

At one time, you could just file for bankruptcy and be done with it. But now tougher laws have made the process more difficult in order to prevent people from defrauding the system. Generally speaking, the Chapter 7 bankruptcy route is the least expensive and quickest way to file, and ideal for those with a limited income and not much to protect in the way of assets.

You may file under this Chapter if you are:
– An individual
– A married couple
– A partnership
– A corporation

In a Chapter 7 proceeding, the court-appointed trustee identifies non-exempt assets and liquidates them to pay your creditors. There are some exceptions to this rule, such as there is the ability to keep secured property if you can negotiate a repayment plan with creditors. Make it a point to ask your Cedar Rapids bankruptcy attorney how this chapter may affect your situation.

If you do not meet the requirements to file Chapter 7, there is always Chapter 13 as an option. This chapter lets you:
– Keep your assets
– Keep your home
– Keep your possessions
– Stop creditors from calling

Lets you pay back a portion or all of your debts based on a restructured debt repayment plan over a three to five year period.

In a Chapter 13 proceeding, trustees are assigned to oversee the collection of your debt repayments and are also responsible for distributing those payments to the creditors.
You need to be aware that not all of your debts can be discharged under either chapter. To find out what you cannot discharge, have this conversation with an Iowa bankruptcy lawyer.
The highlights of what you cannot discharge are:
– Spousal and child support
– Debts as a result of fraud/embezzlement
– Debts owed on tax advantage retirement plans
– Debts not included in your debt repayment plan
– Certain taxes
– Debts for maliciously causing injury to another individual or property
– Personal debts for any damage caused if DUI

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Tuesday, December 13th, 2011 and filed under Bankruptcy | Comments Off on Consult an Iowa Bankruptcy Lawyer Before Confusion Begins When Considering Going Bankrupt .
Tags: , , ,

Beware the Non Wage Garnishment When Faced With Bankruptcy

Posted by: Admin User

Bankruptcy lawyers get asked this question a lot. Does filing bankruptcy stop garnishments?

In actual fact, the proper term for taking money out of your paycheck is wage deduction procedure. It probably does not matter what it is really called because when you are getting money taken out of your pay, it hurts. You just want to know if it stops when you file for bankruptcy.

A creditor cannot automatically garnish your wages unless and until they have a) a judgment awarded against the debtor and b) have filed a Wage Deduction Affidavit in court outlining that you owe them money. That affidavit has to certify they sent you a wage deduction notice letting you know they will be garnishing your wage for the debt owed.

When the affidavit is filed by the creditor, it is filed with a set of written questions that are sent to the employer as well. These are sent to allow the creditor to figure out how much money the employer owes the debtor and to determine the right amount of money to be deducted.

Once the employer gets the questions, they must file them with the court and ensure a copy of their answers go to the debtor and creditor. When that is complete, the court issues a summons to the employer for a court date finalizing how much and when your wages will be garnished.

This is really a painful process for many and something to avoid. If you want to know more about it, call an experienced Iowa bankruptcy lawyer and start asking questions about this and other bankruptcy processes. It is an eye-opener, but it is better to be aware of the consequences of your actions than not.

Here is where things get sticky. There is another kind of garnishment that most people do not know about. It is called the non-wage garnishment, and in that process, creditors may take some types of bank accounts or receivables to collect on the debt owed them. You may hear this referred to as a levy in some places. This information comes as a nasty surprise to people when they discover a creditor has been into their bank account(s).

Again, creditors cannot just institute a non-wage garnishment without following a process similar to the wage deduction procedure. But once the process is started, you have to know they are serious about collecting on their debt. And something else to know is that in a number of states, if a creditor does make a move on a bank account, the bank must freeze assets up to twice the amount of the judgment. That means your money is frozen until your case is sorted out.

So back to the question about how filing for bankruptcy can stop garnishments. The instant you file, the automatic stay kicks in and halts certain lawsuits, foreclosures, evictions, collections harassment and garnishments. For further information, speak to a qualified Iowa bankruptcy lawyer. 

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Monday, November 28th, 2011 and filed under Bankruptcy | Comments Off on Beware the Non Wage Garnishment When Faced With Bankruptcy .
Tags: , , ,

Filing Bankruptcy Without Legal Help Can Cause Mishaps

Posted by: Admin User

The last thing you want to do is mess up while filing for bankruptcy. Always use a trained bankruptcy lawyer.

If you want to make sure the bankruptcy process goes smoothly, and that you do not somehow accidentally get discharged because you made a mistake that could cause you to be charged with fraud, use an experienced Iowa bankruptcy lawyer. It is worth it as the lawyer will help you get through the filing without any glitches. After the bankruptcy, you will get to have a fresh start with your finances.

If you think you can do it on your own, or have someone else do it for you, you should know that there are nine prohibited activities according to section 152 of the U.S. Attorney’s Manual. Those prohibited activities are:
– Concealing property the debtor owns
– Making false accounts or oaths
– Making false declarations, verifications, statements and certifications is under the penalty of perjury
– Making false claims against the debtor’s estate
– Fraudulently receiving property from a debtor
– Extortion and bribery
– Concealing or transferring property
– Destroying or hiding documents detailing the affairs or property of the debtor
– Withholding documents from bankruptcy case administrators

In other words, you might want to think twice about trying to file bankruptcy on your own unless you have an in-depth grasp of all the rules, regulations and pitfalls of attempting to do it yourself. If you make a mistake and get charged with fraud, it does not all end with your simple, yet heartfelt plea that you messed up by accident.

Maybe you did, but when you have at least three different government departments and who knows who else on your case, the innocent mistake often ends up looking like planned fraud. Often the Department of Justice, the U.S. Bankruptcy Court system and the IRS jump into cases where they think there has been fraud. You really do not want the IRS investigating you. To put it bluntly, there is a whole lot at stake for you when you choose to file for bankruptcy, so ensure you do it the legal and above-board way by using an Iowa bankruptcy lawyer.

Filing your bankruptcy through the system and with legal counsel will prevent the probability of being prosecuted for bankruptcy fraud. If you think filing for bankruptcy is difficult, being prosecuted for bankruptcy fraud is 10 times your worst nightmare. Bankruptcy is tough enough for people without living in fear that they messed up when filing and that the government may come after them. By using an experienced Iowa bankruptcy lawyer, you will know you are on the right side of the law.

If you still think it is worth trying to file on your own and bend the rules, you might want to read some case studies about people who chose to try and fleece the bankruptcy system and got caught. You can read those current, 2011 cases at: http://www.irs.gov/compliance/enforcement/article/0,,id=228083,00.html

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Wednesday, November 23rd, 2011 and filed under Bankruptcy | Comments Off on Filing Bankruptcy Without Legal Help Can Cause Mishaps .
Tags: , , ,

There is Life After Filing For Bankruptcy

Posted by: Admin User

Despite the sinking feeling that your life is totally ruined by declaring bankruptcy, there is opportunity after a bankruptcy.

You have to expect certain consequences when you declare bankruptcy, and one of them is a less than stellar credit rating. But, this is no longer the kiss of death that it once was. Nowadays, it is what it is and it happens to everyone, including stars, politicians and even tycoons. Think about Donald Trump who has filed for bankruptcy protection on numerous occasions.

While most of us are not Donald Trump, we can indeed come back from the crash and burn feeling caused by bankruptcy. It just takes time, perseverance and a plan that you stick to; a plan your Iowa bankruptcy lawyer can help you draft. It is very common for debtors to wonder if they will ever get out of the black hole of debt. Yes, you can and with good planning you can re-establish your credit once again. Bankruptcy is really no longer a death sentence.

Be aware that there are federal laws in place that dictate how long your bankruptcy stays on your credit file, and that it is the same for all states. In other words, your credit report will show a bankruptcy on your record for 10 years. That may sound like a dismal scenario, but consider this – if you buckle down and deliberately make a plan with the help of your Iowa bankruptcy lawyer and pay your bills on time for at least 18 months, you can rebuild your credit rating once again. It takes hard work, but the end results are renewed credit.

Getting even a part-time job will also help your credit score. The goal is to get steady work as soon as you can after declaring bankruptcy and start rebuilding your credit history. You will need to ask for your free credit report from the three main credit bureaus in the U.S. and check to ensure it is accurate. If not, get the mistakes corrected.

Another step to take is to ditch any extra credit cards you may have and just keep one or two. This sends the clear signal that you are going to be more cautious in your spending habits. If you cannot get a regular credit card, then apply for a secure credit card. All these things will help to rebuild your credit rating.

There are a number of other things you can do, and they include getting secured loans, making regular deposits to a savings account, and establishing a rainy day fund. It is hard work, but you did not go bankrupt overnight, so it will take some time to build up your credit rating once again.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Monday, October 31st, 2011 and filed under Bankruptcy | Comments Off on There is Life After Filing For Bankruptcy .
Tags: , , ,

Credit Concerns When Filing for Bankruptcy

Posted by: Admin User

One of the biggest worries people have when they contemplate filing for bankruptcy is whether their credit rating will tank. It will, but you can recover.

It is virtually inevitable that your credit rating will be affected by filing for bankruptcy protection. But, you have to do what you need to do to face the overwhelming pile of unpaid debts that have driven you to the brink of bankruptcy. You cannot take the stress any longer. Bankruptcy will alleviate that stress and give you a fresh financial start. Just remember, there is more to bankruptcy than just paperwork, and for this reason you need to discuss your situation with an Iowa bankruptcy lawyer.

The biggest benefit people get from filing for bankruptcy is the automatic stay. This prohibits creditors from calling you and sending you letters. Understand, though, that some debts are discharged completely and some are put on hold temporarily. What type of bankruptcy you file also decides what you may pay back or not.

The first thing you will find out when you make an appointment with an Iowa bankruptcy lawyer is that your home will not be placed into foreclosure. Generally speaking, real and personal possessions are exempt from a bankruptcy. There are some exceptions, and you would need to speak to your lawyer about what they are.

Filing for bankruptcy protection does, in theory, halt all creditor harassment. But, not all creditors limit themselves to phone calls. This is when you discover there is a very fine line between being reminded you owe money and being harassed. Abuse calls at home and work are common and you only need to report them to your Iowa bankruptcy lawyer in order to get them to stop. Once your bankruptcy is filed, these annoying, harassing reminders are illegal.

Did you have property repossessed before you declared bankruptcy? You will be able to get repossessed property back so long as the creditor did not sell or auction it off. If you missed past payments, they can be rolled into a Chapter 13 plan. There are other things you need to know and the smartest move on your part is to deal with a competent Iowa bankruptcy lawyer who will guide you through the maze of declaring bankruptcy.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Monday, October 17th, 2011 and filed under Bankruptcy | Comments Off on Credit Concerns When Filing for Bankruptcy .
Tags: , , ,

Good news, you can still have a life after filing bankruptcy

Posted by: Admin User

Despite the sinking feeling that your life is totally ruined by
declaring bankruptcy, there “is” life afterwards.

You have to expect certain consequences when you declare bankruptcy,
and one of them is a less than stellar credit rating. But, this is no
longer the kiss of death that it once was. Nowadays, it is what it is
and it happens to everyone, including stars, politicians and even
tycoons.

While most of us are not tycoons, we can indeed come back from the
crash and burn feeling engendered by bankruptcy. It just takes time,
perseverance and a plan that you stick to; a plan your Iowa bankruptcy
lawyer can help you draft. It’s very common for debtors to wonder if
they will ever get out of the black hole of debt. Yes, they can, and
with good planning, may re-establish their credit once again. Really,
bankruptcy is no longer a death sentence.

Be aware that there are federal laws in place that dictate how long
your bankruptcy stays on your credit file, and that it is the same for
all states. In other words, your credit report will show a bankruptcy
on your record for ten years. That may sound like a dismal scenario,
but consider this, if you buckle down and deliberately make a plan,
with the help of your Iowa bankruptcy lawyer and pay your bills, on
time, for at least 18 months, you can rebuild your credit rating once
again. It takes hard work, but the end results are renewed credit.

Getting even a part time job will also help your credit score. The
goal is to get steady work as soon as you can after declaring
bankruptcy and start rebuilding your credit history. You will need to
ask for your free credit report from the three main credit bureaus in
the US and check to ensure it is accurate. If not, get the mistakes
corrected.

Another step to take is to ditch any extra credit cards you may have
and just keep one or two. This sends the clear signal that you are
going to be more cautious in your spending habits. If you can’t get a
regular credit card, then apply for a secure credit card. All these
things will help to rebuild your credit rating.

There are a number of other things you can do, and they include
getting loan, making regular deposits to a savings account, etc. Sound
like hard work? It is, but you didn’t go bankrupt over night, and thus
it will take some time to build up your credit rating once again.

Kevin Ahrenholz is an Iowa
bankruptcy lawyer
and Iowa
bankruptcy attorney
. To contact him, visit
https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Wednesday, October 12th, 2011 and filed under Bankruptcy | Comments Off on Good news, you can still have a life after filing bankruptcy .
Tags: , ,

Honesty is the Best Policy when Filing Bankruptcy

Posted by: Admin User

Do not lie your way through the bankruptcy process. If you get caught, you are in a messy situation.

Do not think that bankruptcy laws only exist to protect the debtor. They do, but they were also designed to protect the creditor. It is a two-way street and you need to remember that should you find yourself needing to declare bankruptcy. There is no doubt that it is a tough personal decision and the urge to lie to make things seem worse than they are might motivate some filers. Big mistake. Things like that always get discovered later.

Many people do not realize that bankruptcy is a legal proceeding, and as such it is under the wing of the U.S. Constitution and its bankruptcy laws. Those laws were written to protect creditors and debtors, and to allow an honest person or business a way to work out of a bad financial situation and to start all over again with no debts encumbering them. Why be honest when telling a little white lie might make you look better when you file? It’s called fraud, and it is illegal and subject to criminal prosecution. This is just what you do not need on top of your bankruptcy.

Some debtors lie because they are ashamed of the financial mess they find themselves in and feel people will think they are lazy or immoral. These days, declaring bankruptcy is something many people have been forced to do because of the poor economy. There is no shame in that. People can find themselves facing bankruptcy because of an unexpected divorce, a foreclosure, medical bills that are overwhelming, or health issues. In other words, life happens and part of life these days is the reality of bankruptcy as it is a tool to help you get out of a bad financial mess. It is just a fact of life and happily, there really is life after bankruptcy.

Keep in mind that you have two options when you have to or are forced to declare bankruptcy – Chapter 7 and Chapter 13. In its simplest form, Chapter 7 is the liquidation of your assets and is usually the fastest way to go bankrupt. In fact, Chapter 7 is typically called the no-asset route to bankruptcy largely because many Chapter 7 filers do not have any non-exempt property for a trustee to sell.

For Chapter 13, the wage earner’s plan, the debtor gets to create their own repayment plan based on their regular income. It usually is repaid over three to five years but no longer. There are some rules about state median incomes, and these need to be checked with a competent Iowa bankruptcy lawyer.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Tuesday, September 27th, 2011 and filed under Bankruptcy | Comments Off on Honesty is the Best Policy when Filing Bankruptcy .
Tags: , , ,

Old Bankruptcy Law Challenged by Ford Credit

Posted by: Admin User

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 forever changed the way courts handle repossessing a secured asset. Recently this new law was affirmed by the courts.

Creditors have to have some guaranteed protection to ensure if someone goes bankrupt on them, that they have recourse to collect some or all of their outstanding money. Things got easier for creditors after 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) changed how courts handle repossession of secured assets.

Just recently, the Kansas Supreme Court upheld that law in Hall vs. Ford Credit Motor Credit Company Inc. No. 103370. In a nutshell, their finding indicated that a debtor “must” reaffirm their vehicle if they want to keep it, even if they were keeping current on all of their car payments.

Things didn’t used to be that way. At one time, when a debtor filed a Chapter 7 bankruptcy and owned a vehicle that was used to secure a loan, the bankruptcy code offered that debtor three options: give up the vehicle; redeem it by paying the loan; or, reaffirm the debt and stay liable to the creditor after the bankruptcy discharge.

And then, there was a fourth option – thanks to case precedent – that said that a debtor who was current on a secured debt at the time of filing a bankruptcy could keep the property without redeeming or reaffirming the debt. Now, the BAPCPA makes things crystal clear. There are consequences for not redeeming or reaffirming when the debtor is current on payments. Ending the automatic stay or removing the collateral from property now comes into play, and the creditor’s remedies are provided by state law.

Now, more about the story of Hall vs. Ford Credit Motor Credit Company Inc. No. 103370. Mr. Hall was from Kansas and had financed a Ford with a loan in 2006. He always kept his loan current, but filed for Chapter 7 in 2007, approximately nine months after buying the car. Hall’s bankruptcy tore away any liability he had for his car and he would not reaffirm.

After the automatic stay was lifted and he was discharged, Ford Credit initiated the repo process to reclaim the vehicle even though Hall was current on his loan. He chose to sue Ford Credit, so he could keep the car on the grounds that he was currently up-to-date on payments and “not” in default. Ford wasn’t happy with that turn of events and challenged his claim, indicating they were under the impression he wasn’t going to be paying for his vehicle or live up to any other clause in the original contract. Ford won in the lower courts and the plaintiff carried on to the Supreme Court of Kansas.

In essence, the court indicated that they affirmed the lower court’s decision, but issued a warning that they disagreed that the debtor’s Chapter 7 established that the prospect of getting money, performance or realization of the vehicle (collateral) was significantly impaired. They further stated that circumstances which existed when debtors filed for bankruptcy may indicate they “would” continue to perform under the installment contract. In other words, don’t judge a debtor by his bankruptcy.

In plain English, this decision indicated that Ford Credit had proved its initial case that it had evidence of a compelling nature that they had received significant impairment of the prospects of payment. Hall lost his battle, and Ford’s interpretation of Hall going bankrupt prevailed, meaning he’d likely not pay Ford what he owed them was acceptable, but not in “every” case.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit https://www.iowachapter7.com or call 1.877.888.1766.

Posted on Thursday, September 22nd, 2011 and filed under Bankruptcy | Comments Off on Old Bankruptcy Law Challenged by Ford Credit .
Tags: , , ,

There Are Some Debtors That Are Classified As Collection Proof

Posted by: Admin User

Not many people know that there is a category of debtors that are collection proof. One simply cannot get blood from a stone.

“It goes without saying that the U.S. economy is the pits, but just lately, it has been offering a glimmer of hope for the future. Unemployment is still critical in the nation, and millions of Americans have been facing financial hardship for the last four years. Without a job, faced with mounting debt and no way to pay it, bankruptcy has become a reality we see every day. Bill collectors become a part of your waking life. Lawsuits often follow,” said Kevin Ahrenholz, an Iowa bankruptcy lawyer

Usually, when lawsuits are filed against a debtor, the debtor realizes it is time to take action, and that action may well be filing for bankruptcy protection. “What many people don’t realize is that there is a group of debtors, the ones with hardly any assets that are collection proof. Put another way, there are no assets a creditor can attach after a judgment. It may also mean that the debtor doesn’t have a job where their wages can be garnisheed or that they don’t live in a state that permits garnisheeing wages,” Ahrenholz said.

“For collection proof debtors, you’d want to ask a competent bankruptcy lawyer what rules apply in the state you live in, as it tends to vary. Other than that, if getting calls all hours of the day from collectors doesn’t bother you or you have found a way to ensure no one gets your phone number, you might be able to avoid collections efforts until the statute of limitations passes, which is from three to ten years, depending on where you live. Seriously though? I don’t recommend you do this, and it would look really bad on your credit report,” Ahrenholz said.

While some may think seriously about avoiding paying a debt for up to 10 years, the easier way to accomplish that is to file for bankruptcy protection. When a petition is filed, all collections action ceases under a provision called the automatic stay. The stay applies to all types of bankruptcies and halts certain lawsuits, evictions, creditor harassment, attachments, foreclosures, garnishments and utility shut-offs.

“Every bankruptcy is different, just as everyone’s situation is unique, and depending on which state you live in, there may be different rules and regulations and exemptions. This is why you definitely need an experienced Iowa bankruptcy lawyer to guide you through the bankruptcy process if you are in financial dire straits,” Ahrenholz said.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit http://www.iowachapter5.com or call 1.877.888.1766.

Posted on Wednesday, August 17th, 2011 and filed under News and Press | Comments Off on There Are Some Debtors That Are Classified As Collection Proof .
Tags: , , ,
©2010 - 2021 Iowa Bankruptcy Lawyer Kevin Ahrenholz
CONNECT WITH US