Bankruptcy Des Moines, Iowa

Bankruptcy

Filing for bankruptcy might be the decision you may have to make if you can no longer pay your personal or business debt.

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.

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.

Find out if you are eligible to file Chapter 7 by scheduling a free consultation with a trusted bankruptcy lawyer, Lisa Pendroy, today.

CHAPTER 13 Bankruptcy

A Chapter 13 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.

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, an experienced bankruptcy attorney, can help inform and guide you through this difficult process.

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