Waterloo 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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