Dealing with a financial hardship is a difficult place to be. You might find that after working a countless number of hours you still seem to be coming up short and are unable to meet your financial obligations. Fortunately, for those who are in this type of situation there is some potential relief – bankruptcy. Bankruptcy Attorneys in Des Moines are the professionals who can help you with this process. Familiarizing yourself with the process is an excellent place to start.
What Exactly is Bankruptcy?
Bankruptcy is a legal process in which an individual can seek assistance from the court to either eliminate or significantly reduce their debits, in accordance to federal bankruptcy laws. Since this is a legal process, although it is not required, it is highly recommended that you rely on the services of Bankruptcy Attorneys in Des Moines to assist you.
What are my Options?
When it comes to filing for bankruptcy you have several options to select from. Most often, Chapter 7 and Chapter 13 are the most popular. A Chapter 7 bankruptcy is sometimes referred to as a straight bankruptcy. With this type of bankruptcy you typically get to keep your home, any retirement plans, cars and any other valuable assets that are on the exempt list. Since all the debt is discharged, a Chapter 7 filing will not require that you repay any debts.
The other option that Bankruptcy Attorneys in Des Moines can assist you with is a Chapter 13 filing. With a Chapter 13 filing you are required to set up a repayment plan with the court. This repayment plan is formulated based on your ability to pay and negotiate with your creditors. Generally, payments are required over a set period of time, typically five years. As long as you pay as agreed during this time your debt will be discharged.
Regardless of the type of bankruptcy that you are considering filing, your first step needs to be to speak with one of the many Bankruptcy Attorneys in Des Moines. An attorney can help to sort through your financial dilemmas to assist you with finding a path to financial recovery that is best suited for you.
