Bankruptcy Asset Protection Attorneys
Do not let embarrassment prevent you from getting the help you need. The bankruptcy lawyers at Telpner Peterson Law Firm, LLP, are on your side. Our bankruptcy attorneys are skilled at covering a broad spectrum of debt relief options for consumers and businesses, from individual financial counseling and negotiating settlements with creditors to very complex commercial bankruptcies.
Even under the new laws, filing for bankruptcy can still stop creditor harassment, collection actions and wage garnishment. In most situations, you can still keep your house and motor vehicles.
A Comprehensive Understanding Of Bankruptcy Law In Iowa
We practice bankruptcy law for consumers, small businesses, business owners and farmers.
Bankruptcy for consumers can help people struggling with debt get a fresh start. Depending on your circumstances, we can help you file for Chapter 7 or Chapter 13 bankruptcy.
On the other hand, bankruptcy for small businesses can help businesses that are struggling financially to reorganize and get back on their feet. We can help you file for Chapter 11 bankruptcy, allowing you to create a repayment plan for your creditors.
We understand that bankruptcy can be overwhelming, but we are here to help you every step of the way. We will work with you to understand your options and choose the best course of action for your individual situation.
Helping Distressed Debtors Preserve Assets
We can help you review your options with asset protection as a priority. We can help you discover bankruptcy alternatives or file bankruptcy if that is your best option. Depending on your particular circumstances, we can help you learn more about each of the following:
- Chapter 7 as debt relief: Often called discharge or liquidation bankruptcy, Chapter 7 bankruptcy is a powerful tool for achieving a fresh start. In some cases, a debtor must liquidate assets. Still, by using applicable exemption laws, you may be able to retain many assets. We understand this is an important goal for many of our clients.
- Chapter 11 bankruptcy for business reorganization: Through the Chapter 11 reorganization process, many businesses can retain assets and continue operations.
- Chapter 12 as debt relief for farms and farmers: Protecting assets is critical for most farmers and other debtors filing bankruptcy. Our attorneys are skilled at helping clients maximize debt relief potential while minimizing loss of assets while they take advantage of the legal remedies that bankruptcy offers.
- Chapter 13 debt reorganization and repayment for consumers: Wage earners with significant home equity or other valuable assets often turn to Chapter 13 bankruptcy. Over three to five years, these bankruptcy filers are able to keep their homes, pay off mortgage arrearages, pay off secured debts and deal with unsecured consumer debts. Preserving assets and keeping finances under control are important benefits of this type of bankruptcy.
We understand the challenges of facing bankruptcy while trying to protect some of your assets. Our team at Telpner Peterson Law Firm, LLP, is ready to help you learn more about your options.
Can I File For Bankruptcy If I Have A High Income?
Yes. But some types of bankruptcy, such as Chapter 7, have a means test, which looks back at your finances over the last six months. You may have to provide some of the information on your own – such as pay records from work – and the government will also consult the records held by the Internal Revenue Service (IRS).
In general, the means test considers two aspects of your financial picture: your monthly income and your monthly expenses. These will be unique for every individual. Even someone with a relatively high income could face financial challenges if their monthly expenses are higher than their earnings. In this way, the means test helps to determine who is eligible for bankruptcy.
Even those who are not eligible for Chapter 7 may still be eligible for Chapter 13. This type of bankruptcy creates a repayment plan based on monthly earnings rather than liquidating assets to pay off debts.
What Can You Keep If You File For Bankruptcy?
Even if you qualify for Chapter 7, you may need to liquidate nonexempt assets. Filers often have questions about what is exempt, what they will lose and what assets they get to keep.
There are many exemptions, and many debtors are surprised to find that they can file for bankruptcy without losing any of their assets. Exemptions could be applied to:
- The family home
- The tools of your trade
- Your main vehicle
- Jewelry and other expensive assets
In some cases, you can also use wildcard exemptions. These give you a certain amount of money that you can put toward assets that do not fit into another category.
In short, these bankruptcy exemptions can help you retain your property while still clearing up your debt. It’s incredibly important to know exactly what exemptions there are and how they may apply to your case. Working with an experienced legal team can help at this time.
Creditor Representation
At our law firm, we also work hard to protect creditors’ rights. Our lawyers can help ensure that you, the creditor, protect your collateral and interests to the fullest extent of the law. We can advise and direct you in your efforts to retain rights to demand payment, recover property, challenge bankruptcy filings in court, levy bank accounts or garnish wages, or initiate bankruptcy against a debtor, although involuntary.
Services From Skilled Bankruptcy Litigators
The principal bankruptcy attorneys at Telpner Peterson Law Firm, LLP, are Charles L. Smith and Nicole Hughes. Skilled at negotiation, our bankruptcy litigators represent both individual debtors and creditors. We are also a debt relief agency, and our attorneys advise in debt settlement workouts and handle foreclosure and repossession work.
We strive to bring you friendly, professional and compassionate legal representation. Call 712-309-3738 or contact us online and let us know how we can help you or your business resolve your financial issues.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.