Iowa Bankruptcy Attorney

Personal Bankruptcy Options in Iowa

Bankruptcy Basics

There are two main personal bankruptcy types available for people who want to consider bankruptcy in Iowa: Chapter 7 and Chapter 13.

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Chapter 7 Bankruptcy

The most common personal bankruptcy is Chapter 7. Filing for a Chapter 7 bankruptcy in Iowa will discharge your personal liability for unsecured debts. In Chapter 7 bankruptcy, you do not repay your creditors.

The purpose of a Chapter 7 bankruptcy is to get rid of or "discharge" your legal responsibility to pay certain debts. Filing for a Chapter 7 bankruptcy in Iowa can allow for a "fresh start" with debt resolution and relief programs.

If you have filed a Chapter 7 bankruptcy in the past 8 years, you do not qualify to file yet. If you have filed a previous Chapter 7 bankruptcy case and 8 years have passed, you now qualify to file again.

Chapter 13 Bankruptcy

The second type of personal bankruptcy is a Chapter 13 bankruptcy repayment plan. In a Chapter 13 bankruptcy, you repay your creditors in 36 to 60 monthly payments in an amount that fits your budget. This option may be necessary if you have a high income. According to Iowa bankruptcy law, everyone in Iowa qualifies for a Chapter 13 bankruptcy, regardless of income.

A Chapter 13 plan requires a debtor repay some amount by making a monthly payment over a 36 to 60-month plan. A Chapter 13 plan is similar to a debt consolidation plan but is not voluntary and can include all debts.

A Chapter 13 repayment plan does not require that you pay your creditors back 100%. You pay your creditors based upon your ability to pay. Any unsecured debts that are not paid by the end of your plan are discharged and forgiven, just like in a Chapter 7 case.

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