Henkels & Baker, PC: Bankruptcy Attorney Iowa
Are you struggling with finances and need a bankruptcy attorney in Iowa to help get a fresh start? Henkels & Baker, PC can help. Book an appointment with us today.
Bankruptcy Lawyer Iowa
Data from United States Courts reveal bankruptcy filings for 2022 fell 6.3 percent compared to 2021. The fall coincided with the COVID-19 pandemic, where the government offered financial aid. This trend is changing in 2023, with the number of bankruptcy cases rising again. People in the U.S. embrace filing for bankruptcy as a recourse when they encounter financial hardship.
Overwhelming debt problems can be stressful if not dealt with correctly. When you cannot pay your financial obligations, filing for bankruptcy can bring some debt relief.
Bankruptcy law is complex, and the different options might confuse you. This is where bankruptcy attorneys can be an asset. Experienced bankruptcy attorneys from Henkels & Baker, PC, can guide you through the legal process and help you choose the most appropriate option to eliminate debt problems.
The Purpose of Bankruptcy
Problems associated with money can affect many people for different reasons. Sometimes, things escalate, and you find yourself drowning in debt. That’s where bankruptcy attorneys can help.
The bankruptcy process offers individuals and businesses the chance to start over financially. It relieves persons burdened with unmanageable debt who cannot resolve their financial situation and provides them a safety net to regain control of their finances and rebuild their lives.
Depending on your circumstances, you may file for several types of bankruptcy, including:
- Chapter 7, or “liquidation bankruptcy”
- Chapter 13, or “wage earner’s bankruptcy”
Chapter 7 Bankruptcy
The option to file for a Chapter 7, or “liquidation bankruptcy,” is available to individuals, partnerships, corporations, or other business entities. It helps eliminate many unsecured debts of an individual creditor, including but not limited to credit card bills, medical bills, and unsecured personal loans. Chapter 7 bankruptcy, however, does not eliminate all types of debt. Debts from secured creditors, student loans, and child support payments are not eligible for elimination.
Chapter 7 Bankruptcy Process
Once eligible, you need to complete a bankruptcy petition. The petition includes detailed information about your income, expenses, debts, and assets. It is also mandatory for you to attend a credit counseling session at least 180 days before filing the bankruptcy petition.
Once the bankruptcy filing is complete, an automatic stay halts creditor wage garnishments and collection calls under the law. A bankruptcy trustee then reviews your case, liquidates non-exempt assets, and pays off creditors. Chapter 7 cases and bankruptcy matters are typically discharged within a few months, although they can take longer depending on the facts and circumstances of the case.
Chapter 13 Bankruptcy
Chapter 13, or “wage earner’s bankruptcy,” allows individuals to create a repayment plan after their debts have been reorganized. Under the wage earner bankruptcy plan, individuals are generally required to repay debts in installments over a period of three to five years. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy focuses on debt repayment rather than liquidation.
Chapter 13 Bankruptcy Process
Consider consulting a bankruptcy lawyer to determine if you meet the eligibility criteria to file a Chapter 13 bankruptcy. If eligible, the process commences with the filing of the bankruptcy petition along with other documents providing information regarding the list of creditors, claim amounts, proof of income, list of properties owned, monthly living expenses, tax information, etc.
Once the petition is filed and the requisite fee has been paid, a stay is granted, and collection activities on your accounts are suspended.
You must then submit a reorganization plan that prevents the foreclosure or seizure of certain assets (such as your home) and request for the remission of other debts. A Chapter 13 bankruptcy repayment plan outlines how an individual has to repay debts.
The plan is subject to court approval. Once approved, monthly payments are made, and bankruptcy trustees accordingly distribute the funds among creditors.
Repayment Plan in Chapter 13 Bankruptcy
The repayment plan in Chapter 13 bankruptcy is crucial to the process. It is typically based on income, necessary living or operating expenses, and the debt owed. It makes provisions to catch up on your missed mortgage or car payments and maintain payments on other debts.
Benefits of Filing Bankruptcy
Bankruptcy immediately relieves creditor harassment, collection calls, wage garnishments, and foreclosure. It puts an automatic stay in place to allow you to reorganize finances. It also allows you to eliminate or restructure your debts. In some cases, you can even wipe out dischargeable debts entirely and get a fresh start.
How Can a Bankruptcy Lawyer Help?
A bankruptcy lawyer in the USA plays a crucial role in assisting individuals and businesses facing overwhelming financial difficulties. Here’s how a bankruptcy attorney from Henkels & Baker, PC, can help:
- Professional Guidance: Bankruptcy laws in the USA are complex. Our team of lawyers has in-depth knowledge of these laws and can guide you through the maze of regulations, ensuring that you make informed decisions.
- Customized Solutions: Every financial crisis is unique. We can assess your specific situation and recommend the most suitable bankruptcy chapter, be it Chapter 7 for liquidation or Chapter 13 for creating a repayment plan.
- Protection From Creditor Harassment: Once you hire a bankruptcy attorney from our law firm, creditors communicate with us, relieving you from the stress of constant harassment.
- Filing Assistance: We can prepare and file all the necessary paperwork, reducing the chances of costly errors or omissions that could jeopardize your case.
- Asset Protection: We can help protect your assets within the boundaries of the law, allowing you to retain valuable possessions.
- Negotiation Skills: In some cases, we can negotiate with the creditors for better terms, helping you settle debts more favorably.
- Court Representation: If your case goes to court, we can represent your interests, ensuring your rights are protected.
In challenging financial times, a bankruptcy lawyer is your advocate, offering professional advice and legal protection as you navigate the path to financial recovery.
Contact Henkels & Baker, PC Today!
The bankruptcy process can be complex and overwhelming. Consider hiring an experienced Iowa bankruptcy attorney to help you navigate legal proceedings smoothly.
At Henkels & Baker, PC, we have been practicing law for 50+ years and understand the intricacies of bankruptcy laws. If you’re considering filing for bankruptcy in Iowa, don’t go through the process alone. Reach out to us so that we can guide you through the legal system and help you achieve a fresh financial start.
Take control of your financial future and take the first step towards a debt-free life. Contact an Iowa bankruptcy attorney from Henkels & Baker, PC, for a free bankruptcy consultation today!
Dustin was Excellent – professional, thoughtful, empathetic. Would definitely refer him to others.
The care and knowledge I received before and during my bankruptcy with your firm was 100% helpful.