Iowa residents who want to file for bankruptcy should construct a plan for bankruptcy. During the required credit-counsel program, they should take the concepts offered in these programs and apply them to their current financial situation. Bankruptcy requires court costs and fees. The consumer should establish whether or not they have the means to file before they put their plan in action. To learn more about these concepts, he or she should contact a Bankruptcy Attorney in Des Moines and schedule a consultation.
A common reason that consumers choose bankruptcy is to protect their assets from creditors. Civil action against the consumer could result in seizure of property to fulfill the consumer’s obligation. The lender who provided the mortgage for the consumer’s primary residence could take action to take possession of the property, which is called a foreclosure. If you are facing foreclosure, you should contact a Bankruptcy Attorney in Des Moines to avoid this action. Chapter 7 bankruptcy requires the consumer to hand over deeds for any non-exempt properties or assets to a trustee. This trustee sells these items to generate funds to settle the consumer’s debts. If the consumer wishes to protect these properties, he or she should discuss these options with a Bankruptcy Attorney in Des Moines and take measures to provide adverse legal action.
Chapter 13 bankruptcy could provide extensive protection for their property. In this bankruptcy chapter, the consumer receives an automatic stay for the full duration of the bankruptcy case. This implies that the consumer is protected up to five years. This protects the consumer from repossession in addition to foreclosure. This protection is also useful for claimants who have delinquent accounts due to a former spouse’s ability to settle jointly owed debts. Consumers can achieve debt-relief through bankruptcy. This legal action can help them save their assets from seizure and it offers an automatic stay based on the type of bankruptcy claim they file and their ability to settle these debts. This could include protection for residential property and automobiles. If you wish to acquire this assistance, you can contact a Bankruptcy Attorney in Des Moines to file a claim.
