Is Chapter 7 Bankruptcy The Right Debt Relief Choice For You?
Chapter 7 bankruptcy, often called “liquidation bankruptcy” or “discharge bankruptcy,” offers relief for many debtors facing large medical or credit card bills. This form of bankruptcy allows qualifying debtors to get a fresh start and discharge many debts. A mandatory means test can help determine whether Chapter 7 bankruptcy is an option for you.
In most situations, you can still keep your house and motor vehicles if you are a private individual filing for bankruptcy. We also help businesses that need to completely liquidate their assets through Chapter 7 bankruptcy when appropriate. Whether you file as an individual or as a representative of your company, our attorneys at Telpner Peterson Law Firm, LLP, are prepared to explain the applicable exemption laws and help you retain as many assets as possible.
Assets And Income When Considering Chapter 7
Chapter 7 bankruptcy is a type of bankruptcy that allows you to discharge most of your debts. In Iowa, some assets are exempt from Chapter 7 bankruptcy, such as your home, car and personal belongings. Income that is considered “countable” for Chapter 7 bankruptcy in Iowa includes your wages, self-employment income and rental income.
We Handle Complex Liquidation Bankruptcy Filings
The attorneys at our Council Bluffs law firm often handle complex and challenging bankruptcy cases, including adversary proceedings. Because of the extraordinary debts that many Iowa farmers, students and other individuals face, even high-income people sometimes qualify for Chapter 7 bankruptcy.
An experienced lawyer is a vitally important ally for debtors facing difficult issues, problems and questions demanding detailed answers. The principal bankruptcy attorneys at Telpner Peterson Law Firm, LLP, are Charles L. Smith and Nicole Hughes. Mr. Smith has served as the chair of the Iowa State Bar Association’s Commercial and Bankruptcy Law Section. Nicole Hughes has served as the state chair of the National Association of Consumer Bankruptcy Attorneys and as chair of the Iowa State Bar Association’s Commercial and Bankruptcy Law Section.
Our bankruptcy attorneys are skilled at covering a wide spectrum of debt relief options for consumers and businesses, from individual financial counseling and negotiating settlements with creditors to very complex commercial bankruptcies.
Call Or Email Our Law Firm To Request A Free Case Review
We strive to bring you friendly, professional and compassionate legal representation. We welcome email inquiries and phone requests for no-obligation consultations in our Council Bluffs office. Call 712-309-3738 or complete this online form to begin the process of getting the debt relief you need.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.