The most common bankruptcy filing in Iowa is Chapter 7. This is often called "straight" bankruptcy or "liquidation" bankruptcy. On this page, John Miller answers common questions about chapter seven bankruptcy. Learn what it is, how it works, and who is a good candidate for this type of bankruptcy.
Chapter 7 bankruptcy is used to get rid of or "discharge" your legal responsibility to pay certain debts. The most common types of debt include unsecured credit card bills, medical bills, personal loans, debts due after vehicle or house repossession, old rent or utility bills, and some older tax obligations. Filing for a Chapter 7 bankruptcy in Iowa can allow for a "fresh start" with debt resolution and relief programs.
The Chapter 7 discharge process begins with an assessment of your debts. After we have determined that you are a good candidate for Chapter 7, we organize all relevant information and documentation. After collecting and organizing the relevant information, we will help you submit a petition for bankruptcy. Filing for bankruptcy can be overwhelming, but we are here to help you through each step of the way.
If you are an individual person (or married filing jointly) you qualify to file a Chapter seven bankruptcy in Iowa. Chapter 7 is a type of personal bankruptcy, and is not usually used to file for a corporation or LLC bankruptcy. However, if you own a business as a sole proprietor or are incorporated or an LLC, a personal Chapter 7 may be an option to free you from personal debts and allow you to continue your business.
This type of bankruptcy may not be suitable for everyone. Additional Chapter 7 qualifications to consider include income guidelines (Chapter 7 means test).
If you are curious if a Chapter 7 bankruptcy is in your future and wondering how to file bankruptcy in Iowa, see our Chapter 7 FAQs. Don't be discouraged by all the little details. Let us take care of it for you. Contact John Miller, an experienced Chapter 7 bankruptcy attorney, to learn more about your assets, fees, qualification requirements, and more.
Preparing to File a Chapter 7
Credit Counseling Class
Proceedings After Filing
Stop Bill Collectors
How to get out of Credit Card Debt
How to Get Rid of Payday Loans, Medical Bills, Bank Rent & Old Utility Bills
Iowa Foreclosure & Repossession Laws
Small Business Bankruptcy
Secured Debts in Bankruptcy
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