Total Bankruptcy - Iowa Bankruptcy Attorney

Hire an Iowa bankruptcy attorney immediately

Under bankruptcy laws you must go for credit counseling before an Iowa bankruptcy attorney may file either a Chapter 7 or Chapter 13 on your behalf. In addition to having to pay your Iowa bankruptcy attorney, you may be responsible for paying the credit counselor. This law also limits the ability of your Iowa bankruptcy attorney to get the courts to lower existing payments and should permit you to file for Chapter 13 only once every two years.

The bankruptcy laws include many provisions that credit card companies like but consumer groups feel impose harsh penalties on those who may least afford them.

You shouldn't wait too long to consider filing!

Total Bankruptcy may be an important resource if you are in debt. For a free evaluation on your individual situation, call (877) 349-1309 or visit one of our offices for a free consultation with a sponsoring Iowa bankruptcy attorney of Total Bankruptcy with no obligation. If you prefer, you may also fill out our secure online evaluation form and make an appointment at your convenience to speak with a bankruptcy attorney of Total Bankruptcy.

Council Bluffs 227 South Main Street Council Bluffs, IA 51503 Map | Directions Case Evaluation | Coverage		Des Moines 701 E. Court Ave. Suite A Des Moines, IA 50309 Map | Directions Case Evaluation | Coverage
Independence 112 1st St. East Independence, IA 50644 Map | Directions Case Evaluation | Coverage		Iowa City 1927 Keokuk Street Iowa City, IA 52244 Map | Directions Case Evaluation | Coverage
Muscatine 319 E. Second Street Suite 301 Muscatine, IA 52761 Map | Directions Case Evaluation | Coverage		Sioux City 423 Sixth Street Suite 400 Sioux City, IA 51102 Map | Directions Case Evaluation | Coverage
Vinton 218 W. 4th St. Vinton, IA 52349 Map | Directions Case Evaluation | Coverage		Waterloo 620 Lafayette St., Suite 300 Waterloo, IA 50703 Map | Directions Case Evaluation | Coverage
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Chapter 7 laws may allow a lawyer to help his or her clients erase credit card, medical and many other debts after certain assets such as savings are liquidated to benefit creditors. No filing may eliminate alimony, child support, student loans or most taxes. If their clients should want to hold onto their homes and cars, filing under Chapter 13 may be a viable option.

In a Chapter 13 the debtor proposes a repayment plan, which may extend for up to five years. Chapter 13 debtors may retain their property as long as they make their monthly payments on time. Chapter 13 debtors may also be still liable in full for student loans, taxes, alimony and child support and should make payments on secured loans including home mortgages and car loans or forfeit the collateral.

The current law may be more beneficial to the credit card and banking industries

The current bankruptcy law is a result of intense lobbying by the credit card industry and the increased borrowing by American consumers. As credit cards became more easily available, more families over bought and liquidated their debts in court. Last year, 1.59 million people filed for either Chapter 7 or Chapter 13, up from 780,000 a decade earlier. At least $40 billion in debt is wiped out annually through these proceedings. Chapter 13 debtors paid creditors $4.2 billion in 2003. Chapter 7 filers turned over $1.5 billion in assets to creditors, according to the U.S. Office of Bankruptcy Trustees.

Americans currently owe $2.12 trillion. This is 110% more than they owed ten years ago according to the Federal Reserve Board. While the average consumer's financial assets have risen 94%, their incomes have gone up only 65%.