The most common bankruptcy filing in Iowa is Chapter 7. This is often called "straight" bankruptcy or "liquidation" bankruptcy. The purpose of a Chapter 7 bankruptcy is to get rid of or "discharge" your legal responsibility to pay certain debts, primarily unsecured credit card bills, medical bills, personal loans, debts due after vehicle or house repossession, old landlord or utility bills and, perhaps, some older tax obligations.
However, if your income is too high and, based on the "means test" analysis you do not qualify for a Chapter 7, you still have the option, no matter what your income, to file a Chapter 13 repayment plan and force your creditors to accept payments you can afford given your income and expenses. According to Iowa bankruptcy law, everyone in Iowa qualifies for a Chapter 13 bankruptcy, regardless of income.
Learn more in the video below.
You are allowed to keep certain exempt assets, the idea being that you need certain basic items in order to make a successful fresh start after bankruptcy.
Learn more in the video below.
Most taxes are "non-dischargeable" which means they cannot be avoided by filing bankruptcy; however there are exceptions.
Learn more in the video below.
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The legal information provided for on this website is intended to be general in nature. The facts and circumstances of each person's bankruptcy can have a bearing on the information on this site. You should not rely completely upon this information, without first contacting an attorney who is experienced in the area of bankruptcy law.
