Personal financial difficulties can have a number of causes; excessive credit card debt, high-interest personal loans, unforeseen job loss and the medical bills that go along with a serious illness or injury can all strain your finances to that point when you have to admit that there is no reasonable expectation of being able to resolve your financial obligations. It is at this time that you need to secure the services of an attorney who is experienced in Bankruptcy Des Moines. Bankruptcy used to be acknowledged as a sign that an individual could no longer manage his own financial dealings.
These days, however, availing yourself of the bankruptcy laws is deemed to be a sensible and logical way to deal with indebtedness that has become unmanageable. The trouble is that these laws are very complex, so seeking knowledgeable legal assistance when you are considering bankruptcy makes good sense. The process will begin with a free consultation with a lawyer who is experienced in the various types of Bankruptcy Des Moines. During that meeting, your attorney will determine if bankruptcy is the right option for you, and, if it is, which type of bankruptcy will be most appropriate, given your specific circumstances.
Whichever type of bankruptcy is decided to be best for you, as soon as it is filed, an automatic stay will go into effect which will put an end to those annoying communications from your creditors. There are several types of Bankruptcy Des Moines that individuals may file, but the most common are Chapter 13 and Chapter 7, with the latter being, by far, the most common. Chapter 7 or “Full Bankruptcy” is often the choice when, considering your current financial situation, there is no hope of paying off your creditors.
Occasionally this entails the liquidation of some of your assets, but there are a number of exemptions which can’t be liquidated to pay a debt. Your attorney will explain the details to you, but it basically comes down to your attorney and the court negotiating what amount you will pay to your creditors. The Law Offices of Kevin Ahrenholz will work with you to help you get your financial footing back and make the process as easy and painless as possible. Many individuals who file for Chapter 7 Bankruptcy Des Moines find that they can have their credit rebuilt in as little as three years.