Iowa chapter 12 bankruptcy attorney | Law Firm Newswire - Part 2

Des Moines, IA (Law Firm Newswire) July 19, 2012 – If one spouse declares bankruptcy, it may affect the other spouse. This depends on a number of factors. Whether or a person’s spouse will be affected by their partner declaring bankruptcy, depends on a variety of different factors. Those things may include, the income of the spouse who is not filing for bankruptcy, joint liability for debts and if they own property. No two cases are the same, which is why it is best to not assume that just because a friend or neighbor went through bankruptcy protection, that each […]


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Des Moines, IA (Law Firm Newswire) July 6, 2012 – Many debtors wonder how they can remove a bankruptcy from their credit report. The short answer is they cannot. Many debtors that declared bankruptcy want to know how they can get rid of that notation on their credit reports noted Iowa bankruptcy lawyer, Kevin Ahrenholz. The answer to that question is they cannot get rid of the notation. It is a record of what happened in the debtor’s financial life and becomes part and parcel of their credit history. The only way it could be completely removed, would be if […]


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Des Moines, IA (Law Firm Newswire) May 25, 2012 – Declaring bankruptcy means all existing bank accounts and other financial information provided is checked carefully for the possible presence of fraud. Once a debtor has filed for bankruptcy protection, the judge appoints a trustee to handle their case. If it is a Chapter 7, the assets are sold by the trustee, with the money going to pay creditors. In a Chapter 13 bankruptcy, the trustee monitors the payment plan created by the debtor, and takes the disposable income left over each month, to pay creditors. In addition, the trustee monitors […]


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Des Moines, IA (Law Firm Newswire) May 7, 2012 – Debtors that fall two months behind on their vehicle payments, usually have their car repossessed. Once a debtor has gone past being two months in arrears on their vehicle payments, and keeps missing those monthly payments, the finance company or back, classifies the account as charged-off. This should not be confused with the term discharged, although many in this situation do assume their debt has been discharged. In reality, a charge-off does not mean the vehicle owner is no longer responsible for the loan. This applies even after the vehicle […]


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Des Moines, IA (Law Firm Newswire) April 25, 2012 – New credit cards are tempting to use before filing for bankruptcy. This is not a wise plan. If an individual is facing a bankruptcy, and also received a new credit card, the temptation exists to go ahead and use the card before filing a petition. This is not a wise move, indicated Iowa bankruptcy lawyer Kevin Ahrenholz. If the card is used just prior to filing, this may send a clear signal to the courts that the debtor is attempting to defraud the system, particularly if large items were bought. […]


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Des Moines, IA (Law Firm Newswire) April 10, 2012 – Declaring bankruptcy is not an easy decision. However, it does not carry the same stigma as it once did. Filing bankruptcy allows a debtor to start their lives over again, and this may happen more than once during the lifetime of a debtor, Iowa bankruptcy lawyer Kevin Ahrenholz indicated. Filing more than once is possible, as the definition of bankruptcy is the same, no matter if it happens right now or five to ten years in the future. Bankruptcy is when an individual is unable to keep up with the […]


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Des Moines, IA (Law Firm Newswire) March 30, 2012 – A debtor has to reaffirm their vehicle if they wish to keep it. This is in spite of being current on all payments. There is a new law relating to how bankruptcy courts handle repossessing a secured asset. It started with Hall vs. Ford Credit in which the debtor had to endorse his vehicle if he were intending to keep it. This was applicable even if the payments on the vehicle were up-to-date, Iowa bankruptcy lawyer Kevin Ahrenholz pointed out. Before this new law was handed down, when a debtor […]


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Des Moines, IA (Law Firm Newswire) March 14, 2012 – Some debtors immediately tell their creditors they are declaring bankruptcy. This is not always a wise move. It is very tempting to tell a persistent and irritating creditor that there is a bankruptcy pending to stop them from having any further contact about an outstanding debt. However, it is not always a wise idea to share that kind of information with creditor noted Kevin Ahrenholz, a Waterloo bankruptcy lawyer. Warning the creditor can backfire, and since debtors do not have any protection until they file, it is best they wait […]


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Des Moines, IA (Law Firm Newswire) February 27, 2012 – Individuals considering whether or not to file bankruptcy must take credit counseling within six months prior to filing. There are some limited exceptions to the mandate that potential bankruptcy filers take a credit counseling course within six months before filing, noted Waterloo bankruptcy lawyer Kevin Ahrenholz. Those exceptions need to be discussed as part of the process prior to filing. Additionally, approved bankruptcy credit counseling organizations are not the same in each state, and usually there is a small fee for pre-bankruptcy counseling. However, the fee may be waived based […]


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Des Moines, IA (Law Firm Newswire) February 6, 2012 – Filing for Chapter 7 does take time. It should never be viewed as an easy way out of debt. Des Moines bankruptcy lawyer Kevin Ahrenholz indicates that many debtors feel they are in a hopeless situation and have nowhere to turn. They think filing Chapter 7 bankruptcy is the answer to all their problems. However, filing Chapter 7 may create a problem for them that they need to consider before filing. Declaring bankruptcy remains on a debtor’s credit report for ten years. This means their credit score, often referred to […]


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Des Moines, IA (Law Firm Newswire) January 30, 2012 – Creditors have the right to challenge bankruptcy discharges. However, many of them do not. “More often than not, creditors do not tend to challenge Chapter 7 bankruptcies, largely because they prefer to challenge business bankruptcies because there is more at stake for them,” said Kevin Ahrenholz, a Des Moines bankruptcy attorney in Iowa. There are some circumstances that cause creditors to file a challenge. For instance, if the debtor ran up a large credit card bill six months before filing for bankruptcy, they may feel they had been deliberately cheated […]


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Des Moines, IA (Law Firm Newswire) January 20, 2012 – The means test for those facing bankruptcy is no great mystery. Luckily, it does take reasonable living expenses into account. The vast majority of those who file for bankruptcy in the U.S. today will file Chapter 7 largely because that is the quickest route to becoming debt free in a reasonably short period of time. Those who file Chapter 7 give up their property to pay back their debts. “This property is not exempt and to find out what falls in this category, a debtor needs to consult a skilled […]


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Des Moines, IA (Law Firm Newswire) January 3, 2012 – Short sales work best for homeowners facing imminent foreclosure. If there are doubts about this procedure, consult an experienced Des Moines bankruptcy lawyer. “It’s not news that foreclosures are close to being epidemic,” indicated Kevin Ahrenholz, a Des Moines bankruptcy attorney in Iowa. “It doesn’t appear to be getting that much better as time passes either. What do people do when faced with the possibility of losing their homes? One option is to contact an experienced Des Moines bankruptcy lawyer who will discuss, among other things, the alternative of a […]


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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 […]


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Des Moines, IA (Law Firm Newswire) November 29, 2011 – Many think bankruptcy clears up all of their debts. This is not always the case. “There are a lot of myths floating around about filing bankruptcy and what happens when you are done with the process,” stated Kevin Ahrenholz, an Iowa bankruptcy lawyer. “For instance, many people figure that once they declare bankruptcy, all of their debts are wiped out. This is not always true.” The public needs to be aware that unsecured debts (non-exempt) may be completely wiped out on discharge of a bankruptcy proceeding. Secured debts are wiped […]


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Des Moines, IA (Law Firm Newswire) November 10, 2011 – Married couples may file bankruptcy together if they wish to but it is not a must. “If you’re married and you want to file jointly for bankruptcy, then that is fine. It is not written anywhere that you must file together. In other words, there is no requirement under bankruptcy laws to file together,” explained Kevin Ahrenholz, an Iowa bankruptcy lawyer. Generally speaking, there are two kinds of bankruptcies that people may choose to file, and those are a Chapter 13 or a Chapter 7 bankruptcy. The Chapter 13, the […]


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Des Moines, IA (Law Firm Newswire) October 25, 2011 – Although it would be nice if student loans were exempt when one declares bankruptcy, this is not usually the case. “There are a great number of things that are exempt when you declare bankruptcy,” indicated Kevin Ahrenholz, an Iowa bankruptcy lawyer. “But a student loan is not one of them. There are other things that are not exempt either, such as taxes, but this is something we discuss when you call me.” There is an exception for student loans under Chapter 7 and Chapter 13 that states a loan may […]


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Des Moines, IA (Law Firm Newswire) October 7, 2011 – Bankruptcy does not respect age, social status or famous people. If it is going to happen, it will, no matter who they are. “I get asked this question a lot, and my answer is usually the same thing,” said Kevin Ahrenholz, an Iowa bankruptcy lawyer. “The question is ‘Am I the only person in the world who can’t manage money?’ and my answer is no, they are not alone, and even famous people have had to declare bankruptcy. Some people find it reassuring to know a famous star or entrepreneur […]


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Des Moines, IA (Law Firm Newswire) September 16, 2011 – If bankruptcy came with a manual, it might not be so hard to slog through. Most bankruptcies need the assistance of a competent Iowa bankruptcy lawyer. “There are many good reasons to file for bankruptcy, and in most cases, the debtor is choosing to file because they feel they have no other way out from under a crushing debt load,” said Iowa bankruptcy lawyer Kevin Ahrenholz. “But then again, there are some people who think they can just file without meeting the criteria. While it is your ‘right’ to file, […]


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Des Moines, IA (Law Firm Newswire) August 31, 2011 – Surrendering a home triggers some really difficult tax issues. Speak to an experienced Iowa bankruptcy lawyer to fully understand this issue. “When you surrender a home, banks are mandated to hand the IRS something called a 1099-C, or cancellation of debt, which details any deficiency that is owed over and above what is eventually received for the house,” explained Iowa bankruptcy lawyer Kevin Ahrenholz. “This means that the IRS typically regards ‘not’ having to pay the loan money, in whole or part, as income. If you have been forgiven the […]


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