Making the decision to file bankruptcy is never an easy one. Oftentimes, the person considering it has already endured elevated stress levels from pilling medical bills, student loans and credit card debt for some time. Whether through poor financial decisions made in their past or from a devastating loss, like a layoff or the death of a spouse, admitting that there is no way to repay the monies owed takes some pride swallowing indeed. By working with a Bankruptcy Attorney Des Moines residents are able to take those first crucial steps towards a new life, one free from the demons of most outstanding debts.
Depending on the financial situation of the client, every Bankruptcy Attorney Des Moines is served by will take the time to determine which type of bankruptcy is the best fit for their situation. Some options, like Chapter 13 bankruptcy, will allow for keeping of secure debts like mortgages and vehicle loans; these allow clients who are able to do so retain things such as their home. Those plan options will require a review of a client’s income versus debts and will be at the final determination of the judge. If the secured loans (vehicle notes, mortgages, etc) are too great for the income the client has, alternatives must be looked into.
When the financial debts are too great, the more traditional Chapter 7 bankruptcy is also an option. Often the truest ‘clean slate’ possible, Chapter 7 bankruptcy also depends on the income of the client. Provided the client’s income and other assets do not go beyond a set amount, the judge and the Bankruptcy Attorney Des Moines is home to will work together to set things in motion to nullify the client’s debts. Often coming with heavy restrictions, Chapter 7 decidedly helps people find a fresh start for themselves.
No matter which type of bankruptcy is filed, the fastest result seen by many is the halting of creditor calls. Over time, those who have worked with a Bankruptcy Attorney Des Moines offers are able to rebuild a healthy financial portfolio, proving that the bankruptcy process is a viable option for many individuals.