Bankruptcy May Affect Anyone, Anytime says Iowa Bankruptcy Lawyer | Law Firm Newswire

Bankruptcy May Affect Anyone, Anytime says Iowa Bankruptcy Lawyer

Des Moines, IA (Law Firm Newswire) December 17, 2012 – Debtors used to go to prison. This no longer happens, and bankruptcy laws protect the debtor and creditor.

Bankruptcy protection has an interesting history, indicated Kevin Ahrenholz, an Iowa bankruptcy attorney. It came about to protect consumers from ruthless creditors in the Old World. Unfortunately, creditors in the 21st century do not seem to be that much different. Nowadays, the bankruptcy laws in place are covered mainly under federal law, but state bankruptcy laws act to supplement the details. In other words, when someone files for bankruptcy, they are filing in federal bankruptcy court.

Those in debt may well be the salt of the earth and work hard, do their best to help others and can always be relied upon. On the other hand, there are those who would rob from anyone to make a quick dollar and they too may be in debt. Anyone, no matter who they are, may face going bankrupt. Filing is not considered to be a sign of financial incompetence, laziness or dishonesty. It just is what it is.

It may come about as the result of foreclosure, bad timing, a divorce, a death or health issues. These days bankruptcy is merely looked at as being a tool to help resolve a bad situation between a creditor and a debtor added Ahrenholz. They may file on their own or they may get pushed into bankruptcy. Typically, most people declare bankruptcy under their own steam, and thus retain a certain amount of control over the eventual outcome and resolution.

Even though people do retain some control over what they keep, depending on what Chapter their filing falls into, this is not something that should be done without the expert assistance of an Iowa bankruptcy attorney. Bankruptcy laws are complex and convoluted and the whole process is tricky, meaning some laws apply and some do not.

If a debtor does not what applies and tries this process on their own, they run the risk of being dismissed. Always discuss a bankruptcy situation with a seasoned bankruptcy attorney and find out what needs to be done, how to go about it and what the expected outcome will be. The first consultation is free and the advice may save a lot of grief later.

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