Unsecured debts are debts that you undertake without putting up some form of collateral. Examples of unsecured debts include credit card debt, medical costs, and some loans, excluding student loans. When a person is unable to pay their unsecured debts, they may have them permanently eliminated through a successful Chapter 7 Bankruptcy case if they qualify. When you file for bankruptcy, the court attempts to determine whether you have assets which could be sold to generate funds to pay what you owe. However, there are numerous exception rules that can be used to protect important assets from being taken as equity.
If you are considering filing for bankruptcy, the Cedar Rapids Chapter 7 Bankruptcy lawyers of Hong Law, PLC, can help you to shield much of your property from becoming ensnared in a bankruptcy case. Contact our Cedar Rapids bankruptcy lawyers at (319) 294-5853 for a confidential evaluation.
Allowable Iowa Exemptions
There are numerous exemptions that can be claimed in Iowa. These exemptions protect your belongings from your creditors unless they have been used as collateral for your debt. Some of the most common exemptions include:
- Homestead Exemptions
- Insurance Exemptions
- Pension Exemptions
- Personal Property Exemptions
Many exemptions only protect up to a certain dollar amount. In addition to the exemptions above, there is also a $1,000 “Wildcard Exemption” that can be used to supplement any other exemptions or protect any property, and there are many more. A capable and committed bankruptcy attorney can help to ensure that you do not fail to claim exemptions which are available to you.
If you are overwhelmed with debt, you may want to consider filing for bankruptcy. The Cedar Rapids bankruptcy lawyers at Hong Law, PLC, can help you weigh your options and identify which exemptions will be suited to your case. Contact our experienced Cedar Rapids bankruptcy attorneys by calling (319) 294-5853 today.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office