Most people never fathom they will have to go through bankruptcy, but it is often the only option when a person is dealing with too much debt. Though bankruptcy is not for everyone, it has helped millions of people to be able to overcome their debt and find financial freedom. If you are considering bankruptcy for your financial situation, you will have two main options to choose from. Through working with an attorney for Bankruptcy Des Moines, you can be given more information on your options, so you can make the best choice for your financial needs.
If you choose to file chapter 7 Bankruptcy Des Moines, you will need to have assets that can be sold through liquidation. While you are allowed to keep your home, car, furniture and clothing, you must submit all other assets, so the trustee over your case can put them up for auction. Any proceeds raised from the auction of these items will be given to the creditors you owe.
To find out if you are a good candidate for chapter 7 bankruptcy, you will need to meet with a lawyer. The lawyer can help you learn more about Bankruptcy Des Moines, so you can decide if this option will be a good one for you. It takes around six months for this to be settled. At the end of that period, you will be free of your debts and can be given information on making good financial decisions in the future.
Through Bankruptcy Des Moines, you can also choose to file chapter 13. This does not require you to auction any of your assets, but it takes longer. You will be given between two and five years to pay down all of your debts, through a monthly payment to the court. Each payment is distributed among those you owe, so your debt can slowly be paid down.
If you are in need of help with your debts, visit iowachapter7.com. They will be glad to assist you through the process and help you make the decision on which bankruptcy option will best benefit your needs. Contact them today and schedule your consultation appointment.
