Helping You See a Bright Financial Future
Bankruptcy is a daunting concept even in the most untenable financial circumstances, but it is a lifeline for individuals and business. Few understand that financial distress can be the result of forces beyond your control. The team at Cray Law PLC are here to help those in Southeast Iowa, West-Central Illinois and parts of Missouri to navigate this difficult process by providing sound legal guidance based on years of experience.
Bankruptcy generally helps you to eliminate or restructure your debts. It also enables people to avoid losing certain assets, for example, the Iowa Homestead Protection Law allows homeowners to declare their primary residence as a homestead and is thus off- limits to creditors. It can also help put a stop to calls from creditors.
Getting a Financial Lifeline
A debtor can find financial relief based on different needs. Based on what those may be, our lawyers can provide assistance and guidance for choosing the right approach for you. The most common options include:
- Chapter 7 Bankruptcy: This option is commonly referred to as a liquidation. It is an option for individuals and businesses. You must be below a certain median income level to qualify. Protected assets usually include clothes, furniture and cars.
- Chapter 13 Bankruptcy: Often known as the reorganization of debt, this payment plan is created with the court for individuals to pay back all or part of a debt to the creditors. After three to five years during which you are under the protection of the court, debt not protected by the guarantor is cleared.
- Chapter 12 Bankruptcy: Similar to Chapter 13, this is designed specifically for family farmers and family fisherman.
- Chapter 11 Bankruptcy: This is often known as reorganization for businesses and partnerships.
Take Financial Control of Your Life
Once they have gone through the bankruptcy process, individuals can avoid foreclosure and debt collectors and finally start over. Consult an attorney to see if bankruptcy is the right choice for your debt-relief goals. Call us at 319-752-4537 to talk about your options. We can also be reached online.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.