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What To Consider When Filing Bankruptcy

Bankruptcy

You are already worried. You know that your finances and your future are on the line. Bankruptcy is the option of last resort, and you did not get here without a great deal of thought. What you may not yet have is guidance.

Johnston, Stannard, Klesner, Burbidge & Fitzgerald, P.L.C., is a legal resource Iowa City residents have depended on for 50 years. Our attorneys can help you:

If you are considering bankruptcy, you probably already feel isolated and alone. You are not. Our lawyers are prepared to take you through this process and explain every step of the way.

Contact Johnston, Stannard, Klesner, Burbidge & Fitzgerald, P.L.C., at 866-942-5302
toll free or submit the form on this website to schedule an appointment to review your case and to answer any questions you may have.

Chapter 7 Vs. Chapter 13 Bankruptcy

Bankruptcy can provide credit card debt relief and help with overwhelming medical bills and mortgage payments. Knowing what type of bankruptcy to file is the first step in obtaining debt relief. For many people, understanding the differences between Chapter 7 and Chapter 13 filings is already nebulous. Below are a few highlights that can help you in this process.

Chapter 7 bankruptcy can give you a full discharge of debt with no repayment. You may be able to keep your home and car as long as you are able to make the payments on them. At the moment you file for bankruptcy, an automatic stay goes into effect which prevents creditors from contacting you with collection efforts. Lawsuits and garnishments also stop when the automatic stay goes into effect. This option is best for those with few personal assets or who are in lower income brackets. It is not available to persons above certain income thresholds. Chapter 7 bankruptcy will stay on your credit report for 10 years.

Chapter 13 bankruptcy allows for a three- to five-year repayment plan that allows you to repay creditors some or all of the debt that you owe. Sometimes called "wage earner bankruptcy," Chapter 13 requires that you are able to pay all of your current living expenses and have disposable income left over to pay your creditors. You need to have steady regular source of income to qualify for Chapter 13 bankruptcy. Chapter 13 bankruptcy will stay on your credit report for seven years.

An Important Note

Bankruptcy law changed in 2005 and has become more highly technical and procedural. Therefore, if you are experiencing overwhelming debt or unmanageable financial trouble, it is more important than ever to consult a dedicated, experienced bankruptcy attorney. It is also harder now for higher income persons to qualify for bankruptcy, making it more important to consult a bankruptcy attorney on your options and responsibilities.

Contact Our Firm

If you have questions regarding bankruptcy matters call our dedicated bankruptcy lawyer Steven Klesner toll-free at 866-942-5302 or fill out the online form on this website for an initial case consultation. We will review your case and your options with their respective benefits and drawbacks, and any alternatives to the legal process that you may have.

Mr. Klesner is a lawyer who accepts routine as well as very challenging bankruptcy cases. We are a technologically savvy law firm that serves clients throughout the state via online meetings and other innovative technology. We provide a stand-alone website, http://iowabankruptcylaw.net/, that provides bankruptcy education and informs clients on such matters as to what information they need to gather and credit counseling requirements.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Send Us A Message

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

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373 Scott Court
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Iowa City, IA 52244-3400

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Iowa City, IA 52244-3400

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