When debt becomes more than you can deal with, it can be difficult to know how to find relief. The constant calls from bill collectors and the threats of wage garnishments and court proceedings can be frightening. If you feel you are drowning in debt, there is help available. Through Bankruptcy Attorneys in Des Moines, you can learn about your options for filing bankruptcy and find out if you are a good candidate. Bankruptcy has helped millions of people to be able to successfully overcome their debt. This information can assist you in learning more about bankruptcy, so you can make an informed decision on whether or not it may be able to benefit your financial situation.
How Does Chapter 7 Bankruptcy Work?
Chapter 7 bankruptcy is one of the options you will learn about through the Bankruptcy Attorneys in Des Moines. This is one of two types of bankruptcy individuals can file. To file for chapter 7, you will first need to meet with your attorney and bring in information on all of the debts you owe, your income and any assets you own. This will assist your attorney in making the call on what type of bankruptcy will best benefit your needs.
In a chapter 7 bankruptcy, you are required to sale all of your assets, outside of your essential property. The Bankruptcy Attorneys in Des Moines will go through your property and assets, so the court-appointed trustee will be able to take over the liquidation of these items and your debts can be paid. You are allowed to keep your residential home, car, furniture and clothing.
The goal of this type of bankruptcy is to liquidate your assets as much as possible, so your debts can be paid down. The trustee will work to get as much money for your debtors, but can also absolve you of some of the debts you owe. In a period of six months or less, you can be free of your debts.
For more information on chapter 7 bankruptcy, contact the Bankruptcy Attorneys in Des Moines by visiting iowachapter7.com. They will work to help you through your bankruptcy, so you can finally be free of your debt.