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Applying Decades Of Experience To Solve Modern Legal Issues

Bankruptcy Options For Consumers And Businesses From Our Iowa Lawyers

Changes in the law in Iowa are making it easier for creditors to garnish wages. Debt relief becomes urgent for debtors if wage garnishment is imminent or has already occurred. Filing for bankruptcy can stop creditor harassment, collection actions and wage garnishment.

Our Experience

The bankruptcy lawyers at the Telpner Peterson Law Firm, LLP, are ready to be your advocates if you are overwhelmed by debt. The principal bankruptcy attorneys at the Telpner Peterson Law Firm, LLP, are Charles L. Smith and Nicole Hughes. Nicole Hughes has served as the state chair of the National Association of Consumer Bankruptcy Attorneys, and Charles L. Smith was chair of the Iowa State Bar Association’s Commercial and Bankruptcy Law Section from 2008-2011.

Our attorneys are also highly experienced in using mediation to help with bankruptcy. Mediation can be a useful method for negotiating with creditors and overcoming disputes over exemptions, exceptions to discharge and other key matters. It can make the process smoother and less expensive for yourself or your business. Our Council Bluffs attorneys also serve as mediators and can fully prepare you for the bankruptcy mediation process.

Types Of Debt Relief Through Bankruptcy

Skilled at negotiation, our bankruptcy litigators represent both debtors (individuals and businesses) and creditors.

  • Personal bankruptcy
  • Consumer bankruptcy
  • Small-business bankruptcy
  • Farm bankruptcy

We can help you make sense of your situation and determine what options are available.

Answers To Common Bankruptcy Questions

Facing bankruptcy can be a challenging time that comes with many questions. Whether you are considering a bankruptcy solution for your personal finances or your business, it is essential to have a reliable partner to help you find answers. Here are answers to some of the questions we receive most often.

What are the different types of bankruptcy?

The three most common types of bankruptcy are Chapter 7, Chapter 13 and Chapter 11.

  • Chapter 7 bankruptcy is a liquidation bankruptcy. This means that your assets will be sold to pay your creditors. However, you may be able to keep certain assets, such as your home, car and retirement accounts.
  • Chapter 13 bankruptcy is a reorganization bankruptcy. This means that you will create a repayment plan to pay off your creditors over a period of time.
  • Chapter 11 bankruptcy is a reorganization bankruptcy for businesses. This means that the company will create a repayment plan to pay off its creditors over a period of time.

As you look at bankruptcy options, having a candid conversation with your bankruptcy attorney about your long- and short-term goals is crucial. Our lawyers at the Telpner Peterson Law Firm, LLP, can help you determine what part makes sense for your situation.

Who can file for bankruptcy?

In general, anyone who cannot afford to repay their debts can file for bankruptcy. Debts can come from anywhere. Whether you are struggling with payments for school loans or health care costs, filing for bankruptcy can help. However, there are some exceptions, such as people who have recently filed for bankruptcy or have been convicted of certain crimes.

What are the benefits of filing for bankruptcy?

The benefits of filing for bankruptcy can vary depending on the type of bankruptcy you file. However, some of the potential benefits include:

While a bankruptcy solution may not have been your original plan, it can be a way forward after difficult times.

What are the drawbacks of filing for bankruptcy?

The drawbacks of filing for bankruptcy can also vary depending on the type of bankruptcy you file. However, some of the potential disadvantages include:

  • Having a bankruptcy on your credit report
  • Losing certain assets
  • Having to pay court costs and attorney fees

Bankruptcy can be a fresh start after unfortunate circumstances. Still, it is important to be aware of the long-term impact bankruptcy may have. Our skilled attorneys at the Telpner Peterson Law Firm, LLP, can help you learn more about the benefits and drawbacks of a bankruptcy solution.

What happens after I file for bankruptcy?

After you file for bankruptcy, there will be a waiting period before your debts are discharged. During this time, you will need to comply with the terms of your bankruptcy plan. Once your debts are removed, you can start rebuilding your credit.

What are my rights after I file for bankruptcy?

After you file for bankruptcy, you have certain rights, such as the right to keep certain assets and the right to be treated fairly by your creditors. You should talk to an attorney to learn more about your rights after bankruptcy.

What are my responsibilities after I file for bankruptcy?

After you file for bankruptcy, you have certain responsibilities, such as paying your bankruptcy fees and complying with the terms of your bankruptcy plan.

Are there alternatives to bankruptcy?

There are other options available to people who are struggling with debt. These options include debt consolidation, debt settlement and credit counseling. However, each situation is unique, and you should talk to a skilled attorney to learn what solutions are available.

Can filing for bankruptcy prevent me from going into foreclosure and losing my house?

Filing for bankruptcy, particularly Chapter 7 or Chapter 13, can help prevent foreclosure and potentially save your house. Here’s how each chapter addresses foreclosure:

  • Chapter 7 bankruptcy: While Chapter 7 primarily focuses on liquidating assets to pay off debts, it also includes an automatic stay. This legal protection halts creditors, including mortgage lenders, from continuing foreclosure proceedings temporarily. This may delay, but not necessarily prevent, foreclosure in the long term unless you can work out a repayment plan with your lender.
  • Chapter 13 bankruptcy: Chapter 13 is designed for individuals with regular income who want to reorganize their debts. It allows you to create a repayment plan spanning three to five years, which can include catching up on missed mortgage payments (arrears). As long as you adhere to the repayment plan and continue making current mortgage payments, Chapter 13 can prevent foreclosure and allow you to keep your home.

In both chapters, it’s crucial to work closely with an experienced real estate attorney to guide you through the process and maximize your chances of retaining your home.

How does bankruptcy affect my divorce, and what is a DSO?

Bankruptcy can significantly impact divorce proceedings, especially concerning debts and property division. Here are key points to consider:

  • Automatic stay: Similar to its effect on foreclosure, bankruptcy triggers an automatic stay that temporarily halts divorce proceedings. This stay is designed to give the bankruptcy court control over the debtor’s assets and debts, potentially affecting ongoing divorce negotiations.
  • Division of marital property: Bankruptcy can influence how marital property and debts are divided. For instance, if one spouse files for bankruptcy during divorce proceedings, it could complicate the division of assets and debts.
  • Domestic support obligations (DSO): DSO refers to obligations such as child support and alimony. Bankruptcy does not discharge DSOs, meaning these obligations remain even after bankruptcy proceedings conclude. They are typically given priority over other debts in bankruptcy proceedings.

Consulting both a bankruptcy and family law attorney can help ensure you make informed decisions that align with your long-term goals.

Accomplished Iowa Bankruptcy Attorneys

Contact us to discuss the debt relief you are looking for. We take the time to assess your overall financial situation and present your options. Our lawyers also help you file for bankruptcy relief under the Bankruptcy Code if it is appropriate. We evaluate your case and advise you as to the best bankruptcy option for your situation:

  • Chapter 11 and business reorganization bankruptcy: We represent business clients in Chapter 11 reorganization proceedings. Should we decide that it is best to file for bankruptcy under Chapter 11, you can still run your business throughout the process.
  • Chapter 12 Farm bankruptcy: Many Iowa and Nebraska farmers currently need debt relief due to falling commodity prices, unmanageable obligations to land owners, and demands from lenders seeking payment from farmers carrying heavy debt loads. In farm bankruptcy proceedings, our lawyers are skilled in debtor-creditor negotiation and farm mediation, allowing you to make regular, affordable payments to pay off all or a portion of your debts.
  • Chapter 13 consumer debt repayment plan: Our bankruptcy attorneys guide you in filing for a wage earner bankruptcy.

Our team of Iowa bankruptcy attorneys can help you determine your next step.

Services From Skilled Bankruptcy Attorneys

Contact us online or call 712-309-3738 to make an appointment for a free consultation in our Council Bluffs office. Let us know how we can help you or your commercial entity resolve your financial issues, including complex bankruptcy cases requiring litigation. We can also assist in cases where mediation is the best option.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Our attorneys also advise in debt settlement workouts and handle foreclosure and repossession work.