Bankruptcy Des Moines, Iowa


Filing for bankruptcy might be the decision you have to make if you can no longer pay your personal or business debt. If you are looking for resources regarding bankruptcy in Iowa, seeking help from a Des Moines bankruptcy attorney, or are curious about the difference between Chapter 7, Chapter 13, and Business bankruptcies, you have come to the right place. Getting a credit report is a great first step to find out if bankruptcy is the right option for you. 

What is Chapter 7 Bankruptcy?

In a Chapter 7 bankruptcy, the debtor's non-exempt assets are liquidated by the trustee. Any proceeds from the sale of these assets are dispersed among the creditors according to the priorities defined within the Chapter 7 Bankruptcy Code. If you are looking to pay certain debts and not repay creditors, Chapter 7 is the bankruptcy option for you.

Those seeking to file a Chapter 7 must be deemed eligible by the ‘Means Test’ which was added to the bankruptcy code in 2005, and takes into consideration household size, income, expenses, and other factors to determine if the debtor is qualified to file.  Even if your income is over the "Means Test" you may still qualify to file a Chapter 7 bankruptcy.

There are different eligibility guidelines to be able to file a Chapter 7 bankruptcy. You may have to wait a certain amount of time to file again if you have previously filed.

Find out if you are eligible to file for a Chapter 7 bankruptcy by scheduling a free consultation with a trusted Des Moines, Iowa bankruptcy attorney, Lisa Pendroy, today.

What is Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy allows individuals to enter into a repayment plan in which their debts are paid to creditors in monthly installments over a specified timeframe – usually of 3 – 5 years. If you did not fit the requirements for a Chapter 7 bankruptcy and are still looking into bankruptcy, a Chapter 13 may be the option for you.

Anyone in Iowa is able to qualify for this type of bankruptcy. Like in Chapter 7, you are not required to pay your creditors back fully. Your bankruptcy attorney will help guide you in the direction to pay the creditors what you can and discharge the rest.

Bankruptcy attorney Lisa Pendroy will discuss your eligibility for filing a Chapter 13 bankruptcy in Iowa during your free consultation.

What is Business Bankruptcy?

Businesses can also consider bankruptcy as an option should they face financial hardships. Filers can leverage bankruptcy to reorganize their debt in order to maintain their operation, or a business may consider bankruptcy to help close their business and get rid of their business debt entirely.

Whether the solution involves liquidation, repayments, or reorganization, Lisa Pendroy, Des Moines, Iowa's experienced bankruptcy attorney, can help inform and guide you through this difficult process.

Working with a business bankruptcy attorney can help you to regain control of your business, keep your business open, and provide financial stability to your business.

Lisa K. Pendroy is among the most trusted Bankruptcy attorneys in Des Moines, Iowa.

Reach out today to schedule a free bankruptcy consultation

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