Filing for bankruptcy may seem like the end of your financial dreams, but that couldn’t be further from the truth. Many people who feel as though they’re buried under an avalanche of debt, often through no fault of their own, can emerge from Chapter 7 bankruptcy with the opportunity to begin again to rebuild their financial future. With the help of Bankruptcy Attorneys Des Moines , you can take the steps necessary to discharge the debt that’s hanging over your head and get a fresh start.
Probably the most important factor you need to consider when considering Bankruptcy Attorneys Des Moines is the experience each attorney has in the type of bankruptcy for which you think you’re qualified. You and your attorney should hold an initial consultation at which you lay out on the table all your debts, possessions, expenses and income. Your attorney can then determine whether you are eligible for Chapter 7 bankruptcy, in which most of your debts are discharged in exchange for property you own. However, most states, including Iowa, permit you to keep such possessions as your home, your car, furniture, retirement savings accounts and other examples of personal property.
Following your initial consultation with one of the Bankruptcy Attorneys Des Moines, your attorney will file a petition on your behalf in bankruptcy court. About one month after the petition is filed, you and your attorney will meet with your creditors in bankruptcy court to determine how your debts will be discharged. You may have meet again with some creditors if they dispute items in the bankruptcy petition, such as the debt you want to see discharged or the personal property you’ve asked to be held exempt from liquidation.
A trustee will be appointed for your case once your petition for bankruptcy has been filed. A trustee is not your own attorney or an agent for one or all of your creditors. Instead, he’s an impartial attorney who will ensure that both you and your creditors are fairly represented in the case. He will make sure that all the documents filed are in order and the statements you have made concerning your financial situation are accurate. The trustee will determine which of your assets are eligible for liquidation to pay creditors. By working with one of the Bankruptcy Attorneys Des Moines and a bankruptcy trustee, you can bounce back from bankruptcy.