While it is definitely possible to file your own bankruptcy petition, the process to get there is often fraught with a great deal of frustration and uncertainty. Thus it is wise to hire a skilled Iowa bankruptcy lawyer to avoid mistakes. There are so many documents that need to be filled out, rules that need to be followed and processes that must be undertaken, that it is very easy to run afoul of the system. If that happens, quite often the debtor, even though they meant well, finds themselves having to start all over again or is abruptly discharged and out of luck.

This is one of the major reasons why, when filing for bankruptcy, it makes sense to consult with an experienced Iowa bankruptcy lawyer. They know what they are doing and have been doing it for years. They do not miss deadlines, forget to file all the requisite papers or leave documents out of a filing because they are not sure what the court needs. Their job is to get it right for their clients.

There are do-it-yourself (DIY) kits that give a debtor an idea of the documents and procedures they need to go through to file. However, as with any DIY kit, there are always the issues no one can be prepared for, because every bankruptcy is different. The only thing they all have in common is the fact that the debtor went bankrupt. How they got there, what chapter they filed under and what they need to do to complete their bankruptcy varies on a case by case basis.

It is cheaper to file without a lawyer, but if you make a mistake, it will wind up being even more expensive. It is well worth the money to hire a professional that knows what they are doing because in the long run, they will save you time, money and grief.

Typically, the most common filing is under Chapter 7 and the fee charged to file a Chapter 7 bankruptcy is roughly $299. That may vary from state to state, so ask your lawyer or check the court website if this is something you want to know. The fee for filing a Chapter 13 is usually around about $274, but again, this may vary.

Overall, the fees a lawyer charges a debtor for the correct and timely filing of their particular bankruptcy petition, may range anywhere from $1,000 to $2,500 plus court fees. This is money well spent to get it right the first time and get it done so you can get on with your life.

Basically, if you want to be safe, get it done right, file under the appropriate Chapter and get clear of your debts without running into problems, then hire a skilled and experienced Iowa bankruptcy lawyer. It is the only smart thing to do when faced with the daunting process of filing 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.

Although you could roughly guess what Chapter 13 bankruptcy payments may be, it is best to discuss this with a competent Iowa bankruptcy lawyer to get it right.

In a nutshell, Chapter 13 bankruptcy payments are figured out in such a way as to allow normal family and household expenses. While it might sound fairly straightforward it is not always that way, which is why it is best to work with an Iowa bankruptcy lawyer.

Chapter 13 repayments are not just based on a math calculation. Instead, they are based on what is a reasonable assumption of what you are able to pay back to your creditors and still keep up with your normal household and family expenses.

Your Chapter 13 repayment plan is typically submitted with your petition to the U.S. Bankruptcy Court, and it is put together by you and your Iowa bankruptcy lawyer. By and large, it is drafted with an eye on various factors such as your income and the existing means test in your state. The means test is the figure that measures your income against the average income for your state.

Assets you have in your possession are also a part of the calculations. Once the lawyer has worked with you to figure out what you own, he is able to determine which assets are exempt and which are not. Put another way, bankruptcy law says unsecured creditors get at least as much as they would if your non-exempt assets were sold.

To roughly calculate what you would be paying, you use your monthly net earnings as a starting point, which is your after tax income, less deductions for things like pensions or health insurance. These are balanced against your living expenses (mortgage, rent, car payments, insurance, utilities, clothing, food) and other costs associated with daily living.

What many people do not realize is that credit card payments, and other unsecured debts are not rolled into the calculation largely because they get paid, in part or fully, once the bankruptcy repayment plan is in place. Late fees and interest on overdue accounts is often waived in Chapter 13 plans. However, in order to find out what you will and will not be paying, the details need to be worked out with an experienced 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.