It Is Possible to Recover From Bankruptcy | Law Firm Newswire

It Is Possible to Recover From Bankruptcy

Des Moines, IA (Law Firm Newswire) October 3, 2012 – Many debtors do not believe it, but they can recover from bankruptcy.

Filing for bankruptcy is a very difficult and highly emotional decision; many do not take the matter lightly, and have many questions to discuss with their Iowa bankruptcy lawyer. Some of the questions may include, but are not limited to, how to get new credit in the future, how filing for bankruptcy will affect their credit rating and whether or not they will be able to rent or buy a home.

Many individuals are concerned about what kind of interest rates they would face, once their bankruptcy is discharged, how they can repair their credit rating and what that involves and what debts are discharged versus which debts must still be paid. It is a difficult process for anyone to face, as they feel overwhelmed by the rules and regulations. This is the time to consult with an experienced and compassionate bankruptcy attorney to get answers indicated Kevin Ahrenholz, an Iowa bankruptcy lawyer.

Many people find after bankruptcy that it is difficult to reconstruct their finances, find all the right paperwork, and determine what is classified as assets and what their debts are. During this process, they may also begin to ask themselves about the wisdom of their past decisions when it came to spending money. The past decisions are only relevant in so much as they serve as a reminder of how not to spend post-bankruptcy.

The bankruptcy process has a significant impact on an individual’s financial and personal future, as once the debtor has been discharged, they start the credit reclamation process. This may take many months to years to achieve. However, it is possible to rebuild credit after bankruptcy, provided the debtor is willing to work on the process. In this day and age, there are a number of financial institutions willing to work with debtors that have been discharged, and offer them an opportunity to rebuild their credit rating. The debtor just needs to manage their new credit wisely.

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 or call 1.877.888.1766.

Kevin Ahrenholz
309 Court Ave., Suite 805
Des Moines, IA 50309
Offices in Des Moines, Cedar Rapids, Waterloo, Mason City, and Vinton.

  • New Small Business Reorganization Act
    <p>A new subchapter has been added to the bankruptcy code making it easier for small businesses with debt of less than $2,725,625 to seek protection under Chapter 11 of the bankruptcy code.  Previously a Chapter 11 requires so much detailed reporting and documentation that it has been impractical for a small business to file a Chapter 11.  The burdens and costs in doing so were too high, and Chapter 11 bankruptcies were reserved mainly for larger businesses that had sufficient cash flow to justify the time and expense involved.  The new provisions provide some new protections for small businesses that […]</p>
    The post <a href="">New Small Business Reorganization Act</a> first appeared on <a href="">Iowa Bankruptcy Attorney</a>.
  • Stop foreclosure with Chapter 13
    <p>Are you facing the foreclosure of your home?  Has your mortgage company stopped working with you or accepting your payments? A Chapter 13 bankruptcy can be the solution.  If you can afford your monthly mortgage payments, but simply cannot catch up on arrears, a three-year to a five-year Chapter 13 plan could be the solution to helping you catch up, giving you time to become current, and delaying the sheriff sale for the time it takes you to become current.  If you successfully complete the Chapter 13 plan, you will come out on the other side completely caught up on […]</p>
    The post <a href="">Stop foreclosure with Chapter 13</a> first appeared on <a href="">Iowa Bankruptcy Attorney</a>.
  • Bankruptcy and Medical Debt
    <p>People often call me and ask whether there is something called a “medical bankruptcy.” Although that term does not exist in the bankruptcy code, there is something that helps people eliminate and manage their medical debt. It is called a Chapter 7 bankruptcy. Medical debt can be discharged, or eliminated, through a Chapter 7 bankruptcy proceeding, which typically takes about four months to complete through the bankruptcy court. A Chapter 13 bankruptcy can also help manage medical debt, although it generally takes three to five years to successfully complete a Chapter 13 bankruptcy plan. It is much like a court-ordered […]</p>
    The post <a href="">Bankruptcy and Medical Debt</a> first appeared on <a href="">Iowa Bankruptcy Attorney</a>.

Tags: , , , , , , ,

Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required