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Bankruptcy Counseling

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Filing Bankruptcy in Iowa

Bankruptcy filings under new Iowa bankruptcy laws - avail proper debt relief.

Iowa bankruptcy filings have become difficult because of the new bankruptcy laws. The new laws have made it very difficult for the debtors to qualify for Iowa Chapter 7 bankruptcy. This particular chapter is fast to execute, and easy as compared to Iowa Chapter 13 bankruptcy. As per chapter 7 bankruptcy, the court can liquidate all your non-exempted assets to pay off your creditors. If you don’t have any assets, a full repayment may not be possible, and your creditors may have to settle for whatever they get. Subsequently, they can’t demand any of the outstanding credit in the future, since Iowa bankruptcy law makes it very clear that debt recovery is only possible during the bankruptcy period. It’s suggested you hire a good Iowa bankruptcy attorney to find out more which type of bankruptcy you ought to go in for.

State exemptions in Iowa

Federal bankruptcy exemptions are not available in Iowa.

Homestead

Any property or an apartment exempted up to unlimited value. The property should not exceed ½ acre in town, or the city, and not more than 40 acres elsewhere.

Wages

A minimum of 75% of all earned and unpaid wages. Pension payments exempted. The bankruptcy judge can authorize further concessions for low-income debtors.

Wild card

Up to $100 on any personal property, including cash.

Automobiles

Motor vehicles up to $7000.

Misc.

Alimony and child support exempted. Property registered as a business partnership.

Iowa bankruptcy lawyer

Filing bankruptcy in Iowa can be quite easy if you hire good Iowa bankruptcy attorneys. The debtor has to qualify for the bankruptcy petition by undertaking a “means” test which will decide the extent of your debt. That’s where Iowa bankruptcy lawyers come in - they can help you qualify for your bankruptcy filing. It’s recommended you avail legal help from your local bankruptcy lawyer.

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