Polk County Bankruptcy Attorneys

In this video, our Polk County bankruptcy attorneys explain what bankruptcy can do for you in Iowa or Illinois. If you’re facing mounting debt and mounting uncertainty, bankruptcy provides a powerful tool to reset your financial situation and get creditors off your back. It suspends creditors from continuing to collect via telephone harassment, wage garnishment, lawsuits, collection letters, etc. Depending on the type of bankruptcy it can also wipe out many types of debt, including medical bills, credit card payments, personal loans, and more. But bankruptcy is not a catch-all, certain types of debt such as student loans, tax payments, child support, and sometimes mortgage payments will not go away, or must be recouped by other means. What bankruptcy means for you depends on what type of debt you’re struggling with, how much you have and what you're willing to lose. You’ll have to determine what type of bankruptcy is best for your situation—this is a good conversation to have with a bankruptcy attorney—with the two main options being Chapter 7 and Chapter 13. Once you file for bankruptcy the automatic stay kicks in and most creditors will be prohibited from continuing to harass you for payment. We’ll discuss the automatic stay in more depth in another article.

In this video, our Polk County bankruptcy attorneys explain how Chapter 7 bankruptcy is a filing which allows some individual persons to wipe out many debts. It is designed to eliminate most debts, while selling some assets to compensate creditors. Many assets are exempt under Iowa and federal law. A trustee will be appointed by the court to collect the debtor’s non-exempt assets and to sell them to the creditors to repay debts. t is designed to eliminate most debts, while selling some assets to compensate creditors. Many assets are exempt under Iowa and federal law. A trustee will be appointed by the court to collect the debtor’s non-exempt assets and to sell them to the creditors to repay debts.

In this video, our Polk County bankruptcy attorneys explain how Chapter 11 bankruptcy is a common option for larger companies seeking to reorganize their finances and develop a payment plan to get them out of debt. However, Chapter 11 can be time-consuming, resource-intensive, and costly, making it a less desirable option for small businesses. The Small Business Reorganization Act passed in February of 2020 included Subchapter V, which softened some small business debtors' restrictions and challenges. The CARES Act expanded Subchapter V eligibility by increasing the debt limit from just over 2.7 million to 7.5 million.