The most common bankruptcy filing in Iowa is the 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.
If you are an individual person (or married filing jointly) you qualify to file a Chapter 7 bankruptcy in Iowa. Chapter 7 is not usually used to file for a corporation or LLC bankruptcy, but 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.
If you have filed a Chapter 7 bankruptcy in Iowa or anywhere else in the United States in the past 8 years, then you do not now qualify to file another Chapter 7 bankruptcy. If you have filed a previous Chapter 7 bankruptcy case, and 8 years have passed since that previous Chapter 7 filing date, then you do now qualify to consider filing another Chapter 7 bankruptcy in Iowa. Contact Miller Law Firm to learn more about who can file for bankruptcy or visit the pages below.
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