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In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.
(see Iowa bankruptcy exemptions) Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
This means that you count your exemptions against the full value minus any money that you owe on mortgages or liens.
For example, if you own a ,000 house with a ,000 mortgage, you count your exemptions against the ,000 which is your equity if you sell it.
(see Iowa Court Directory) Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law. If didn’t received a discharge in the previous bankruptcy filing, depending on why this is the case, you can file and receive a discharge without any time restrictions.
Back to Top Most people filing bankruptcy will want to file under either chapter 7 or chapter 13. Is Iowa Chapter 7 (Straight Bankruptcy) Bankruptcy Right for Me?
But since bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit. If these options do not work you can get secured credit card which is backed by your own bank account. However, the utility can require a deposit for future service and you do have to pay bills which arise after your bankruptcy is filed. Can I Be Discriminated Against For Filing Bankruptcy? Once a creditor or bill collector becomes aware of a filing for bankruptcy protection, it must immediately stop all collection efforts.
To find the location of the court that serves your area visit the Iowa Federal Bankruptcy Court Directory page. The fact that you’ve filed a bankruptcy can appear on your credit record for ten years. You also may be able to keep the credit card you already have if the creditor grants approval. Public utilities, such as the electric company, cannot refuse or cut off service because you have filed for bankruptcy. If the spouses have joint debts, the fact that one spouse discharged the debt may show on the other spouses credit report. How long after filing will the creditors stop calling?Either type of case may be filed individually or by a married couple filing jointly. In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts.The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep.Or you can pay the creditor the amount that the property you want to keep is worth. Many people believe they cannot own anything for a period of time after filing for bankruptcy. You can keep your exempt property and anything you obtain after the bankruptcy is filed. Bankruptcy will not normally wipe out:(1) money owed for child support or alimony, fines, and some taxes;(2) debts not listed on your bankruptcy petition;(3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan;(4) debts resulting from “willful and malicious” harm;(5) student loans owed to a school or government body, except if:– the court decides that payment would be an undue hardship;(6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is sold by the creditor). Most of the time, this meeting will be a short and simple procedure where you are asked a few questions about your bankruptcy forms and your financial situation. 525 prohibits governmental units and private employers from discriminating against you because you filed a bankruptcy petition or because you failed to pay a dischargeable debt. Can Bankruptcy Help Get My Iowa Driver’s License Back? Yes, but your spouse will still be liable for any joint debts.In some cases involving fraud or other improper conduct by the creditor, you may be able to challenge the debt. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt. Occasionally, if complications arise, or if you choose to dispute a debt, you may have to appear before a judge at a hearing. Unfortunately, if you are behind on your bills, your credit may already be bad. If you lost your license solely because you couldn’t pay court-ordered damages caused in an accident, bankruptcy will allow you to get your license back. If you file together you will be able to double your exemptions.