Consumer Bankruptcy Lawyers in Cedar Rapids, Iowa

Find the right Consumer Bankruptcy attorney in Cedar Rapids, IA

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant long-term consequences warranting careful consideration of the costs and benefits. Since it's a product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Iowa will be the same as anywhere else in the country. Individual courts in Cedar Rapids, Iowa will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Cedar Rapids, Iowa

There are 2 common forms of consumer bankruptcy in Cedar Rapids, Iowa: Chapter 7 and 13. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Cedar Rapids, Iowa is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Cedar Rapids, Iowa

Chapter 13 bankruptcy in Cedar Rapids, Iowa is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Cedar Rapids, Iowa

Chapter 13 is usually a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local Cedar Rapids, Iowa bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Cedar Rapids

Cedar Rapids is Iowa's second largest city, neighboring the Linn County line and Cedar River. It is about 100 miles from the capital, Des Moines. The city is home to approximately 126,326 people. The dominant industries in the area are the transportation industry and the health care industry.

Cedar Rapids is one of the largest cities in the world for corn processing. Grain processing is the most important sector in the city because most of the residents are employed within it. Large companies that have a location in Cedar Rapids include Rockwell Collins, Quaker Oats, Archer Daniels Midland, General Mills and Nordstrom. To serve these corporations and industries, Cedars Mills is home to many law firms and lawyers, well-experienced in all areas of practice.

Popular figures who have once called Cedar Rapids home include Grant Wood, William L. Shirer, Carl Van Vechten, Bobby Driscoll, Ashton Kutcher, Elijah Wood, and Ron Livingston.

Popular attractions in the area include the Cedar Rapids Museum of Art, the National Czech Slovak Museum Library, Theater Cedar Rapids, and the Paramount Theater.

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