You’ve made up your mind that you are going to file for bankruptcy, but you know you can’t do it on your own. It is true that bankruptcy is not an easy process to understand by someone who is not a lawyer. Take the time to set up a consultation with Bankruptcy Attorneys Des Moines in order to learn how they can help you with filing and reaching a successful conclusion. You’ll take a load of stress off your mind as well as letting someone else do the heavy lifting so you don’t have to.
Filing for bankruptcy involves entering into either Chapter 7 or Chapter 13. If you don’t have a lot of income and have very few assets, you’re most likely going to be filing under Chapter 7, although Bankruptcy Attorneys Des Moines help make that final determination. If you are able to get into a Chapter 7, you can get in and out of the filing relatively quickly, allowing you to get back on track sooner than later.
Bankruptcy is not necessarily a “get out of jail free” card. Technically, you are supposed to repay your creditors in one way or another. Chapter 7 requires that you liquidate your assets in order to raise funds to repay debt, although if you have little to no assets, you have nothing to sell. Again, talk to Bankruptcy Attorneys Des Moines about how this may be able to happen for you. Bankruptcy has an option to do what is known as exempting your assets. You’ll know how much you can exempt via the state laws that govern exemptions. If everything you own comes in under that amount, you have nothing to liquidate, allowing you to keep what possessions you have.
There is much more to filing than this, however. You are required, by law, to receive counseling to show you have learned about handling money and you have to meet the trustee on your case at a meeting at some point in the bankruptcy. You also have to be completely honest throughout the process which is why getting help from Bankruptcy Attorneys Des Moines is the best way to get through with the least amount of problems.
