The debt remaining after a vehicle or home has been repossessed or foreclosed, often called a deficiency, can be discharged in a Chapter 7 bankruptcy in Iowa.
Also, if you haven’t yet surrendered the vehicle or house, the bankruptcy filing will discharge the debt if the repossession takes place after filing. Iowa foreclosure laws and Iowa repossession laws that allow the creditor to sell the secured property and then collect the difference from you are over-ruled by the federal bankruptcy statutes and those efforts to collect the deficiency will be stopped and the deficiency debt discharged in the bankruptcy.
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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.
