Bankruptcy is a Tough Financial Decision But May be the Right One Says Iowa Bankruptcy Lawyer
Cedar Rapids, IA (Law Firm Newswire) December 13, 2011 – Even though considering bankruptcy may feel like defeat, it may be the right decision to make.
“Just about everyone knows what it’s like to be in debt these days. Credit card bills piling up, medical bills unpaid or perhaps you may be facing foreclosure. It does not need to be that way. There is no shame in declaring bankruptcy. Think you’re alone? You’re not. Consider these figures from the U.S. courts website. They show that in the 12-month period ending March 31, 2010, 1,531,997 bankruptcy cases were filed,” outlined Kevin Ahrenholz, a Cedar Rapids bankruptcy lawyer in Iowa.
Many Americans try to guess whether or not they are in the position to file bankruptcy. They, in fact, second guess what they can keep or not, what they may have discharged or not and what Chapter would be the best for them to file under. “There is no sense in driving yourself up the wall with questions you don’t know the answer to,” said Ahrenholz. “That’s my job, to outline what applies to your situation after we have discussed it. All we need to do is sit down, talk about your financial situation, and move forward from there.”
If an individual is not qualified for Chapter 7, then they may be eligible to file for bankruptcy protection under Chapter 13. In most instances, this is a good alternative for those who are not able to pass the means test or those who have property and/or assets they want to keep. “You need to remember though, that Chapter 13 does not automatically discharge your debts like Chapter 7. Instead, you will be paying back the debt(s) in accordance with a three to five year plan,” Ahrenholz indicated.
Most exemptions under either Chapter are outlined at the federal level by being listed on the federal bankruptcy exemption list. However, some states have their own lists of exemptions, and they may let an individual choose between state or federal lists. Some states also tell debtors they must use the state exemption list. “In Iowa, you are not permitted to choose federal exemptions. You must use Iowa state exemptions,” explained Ahrenholz.
For those facing the dilemma of filing bankruptcy, make the first call for help to a qualified and experienced Cedar Rapids bankruptcy attorney. When in doubt, it is better to have the answers than try and second guess what may or may not be the case. “It’s my job to help you, and I would be pleased to do so,” Ahrenholz added.
Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact an Iowa bankruptcy attorney, Iowa bankruptcy lawyer, or set up an appointment, visit http://www.iowachapter7.com or call 1.877.888.1766.
309 Court Ave., Suite 805
Des Moines, IA 50309
Offices in Des Moines, Cedar Rapids, Waterloo, Mason City, and Vinton.
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