Preparing For A Bankruptcy Claim In Des Moines

by | Aug 26, 2013 | Lawyers and Law Firms

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Bankruptcy in Des Moines is a debt-relief solution offered through the court system. It allows you to place all of your debts into one consolidated option that allows you to pay lower payments over time to eliminate your debts. This solution provides several different choices to imrpove your financial circumstances and prevent foreclosures and repossessions.

Choosing the Correct Bankruptcy Chapter

It is advisable to seek counsel when you are unaware of what each bankruptcy chapter implies. Your preferred attorney can discuss with you any options that are available for you. These options present different opportunities in which you may free yourself of debt. In some chapters, you may reorganize some debts to create a more affordable solution that allows you to pay smaller monthly payments. Others allow you to sell off assets to generate enough money to pay off your debts within a predetermined amount of time.

Can You Afford Bankruptcy?

When you file a bankruptcy claim, you are required to pay fees to both your attorney and the court. If you are unfamiliar with these related fees, you should consult your preferred attorney to establish the total cost for you to begin this process. Your attorney will explain to you all associated costs and when these payments are due to enable you to determine whether you can afford to file a bankruptcy claim at this time.

What Properties that are Eligible for Exclusion?

In most cases, you are allowed to exclude your home and your automobile. However, each case and bankruptcy type are different. In cases where you own your home outright and do not owe mortgage payments it is likely that you can retain ownership of your property. However, if you, additionally own rental properties, they may not qualify as an exclusion.

Business properties fall under different categories in terms of exclusions. If you have chosen to liquidate your assets, you should consult your attorney to establish which business-related properties are eligible for exclusion in Bankruptcy in Des Moines cases. It is probable that any property that is linked to your headquarters is eligible for exclusion if it is a requirement to restart operations of your business after bankruptcy.



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