Bankruptcy generally refers to one's inability to meet financial obligations. When, for whatever reason, one cannot manage to pay monthly installment debts or one time unexpected debt, consideration of bankruptcy arises. Bankruptcy is an attempt to make the best of what has become a bad situation. Bankruptcy gives relief from creditors and their legal right to collect a debt through lawsuits, repossession, foreclosure and garnishment.
Bankruptcy allows you to discharge your debts, that is, it ends your obligation to pay the debts and gives you a complete fresh financial start. If you want to repay your debts, but need time to do so, Chapter 13 bankruptcy allows you to repay your debts at a rate you can afford and requires your creditors to cooperate while you do so.
In bankruptcy, the debtor is allowed to keep basic assets to assure a successful fresh start. These generally include your home, vehicles, household possessions, wages and retirement plan.
Today we have two basic approaches to consumer bankruptcy relief: The liquidation, or "straight bankruptcy," which we refer to as a Chapter 7 proceeding; and Chapter 13 debt repayment plan for individuals and single owner businesses.
Each person's situation is different. What applies to one person may not apply to another. To determine bankruptcy options as they apply to you, an attorney competent in bankruptcy matters should be consulted.
If you wish to have a confidential appointment to discuss your bankruptcy options with an attorney in the Law Offices of John M. Miller, you may do so by calling (515) 225-3333 between the hours of 8 a.m. to 5 p.m.(Central Time), Monday through Friday.