Finding a Bankruptcy Lawyer Iowa

Although there are reports that the economy is improving, for many people times are tough and they still find it difficult or impossible to meet their financial obligations. Fortunately, their are attorney available that can help them through the bankruptcy process, if they feel that is their last hope for recovery.

Bankruptcy Lawyer Iowa can help. As with many legal matters, bankruptcy is a complicated legal process with many steps that few could successfully complete without the help of an attorney. A qualified bankruptcy attorney can guide the client on how to deal with creditors who want to garnish wages and/ or foreclose or repossess a client’s home. Additionally, the attorney can also advise a client on what type of bankruptcy is appropriate for their situation and discourage any action by the client that could make their situation worse.

One type of bankruptcy that may be suggested is Chapter 7. This is a liquidation type of bankruptcy where a trustee is authorized to sell unprotected assets in order pay creditors. In this situation, most debts are paid with the proceeds of the sale of assets, excluding properties. Property or other exempt assets cannot be sold under state law.

Another type of bankruptcy is Chapter 13. A Bankruptcy Lawyer Iowa may recommend this course of action where the debts are consolidated and the clients pays off the debt through a repayment play. Unlike Chapter 7 where debts are payed off after the sale of assets, this payment plan usually take 3-5 years. Under Chapter 13, consumers are protected for any creditor action such as garnishment or legal action. It is important to note that the client remains in bankruptcy status until the debt is exhausted.

Regardless of the type of bankruptcy recommend by an attorney, the clients needs to know that their lawyer will do everything possible to protect them from predatory creditors. There are laws that help those in dire financial conditions from becoming victims of those who would take advantage of their desperation to solve their financial crisis. It is vital that a trained bankruptcy attorney be there to guide the consumer during that time.

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