The economic climate has been gloomy over the recent years and even hardworking, financially responsible Americans are finding it challenging to make ends meet of a day to day basis and a lot of them are unable to keep up with mortgage and debt payments. This will continue to happen until America has affordable health insurance and plenty of choice in the market place and taxes are lowered across the board.
It is a common misconception that bankruptcy is the manifestation of failure or financial recklessness, but this cannot be further than the truth. Events such as medical emergencies, accidents, illness, loss of job, etc. can leave anyone between a rock and hard place financially.
This is where USAttorneys.com comes into the picture. We are here every day helping anyone obtain the legal assistance they need. We help make the world a flatter place. We provide the light when sometimes there is only darkness.
What is bank foreclosure?
When a borrower defaults on their loan or mortgage repayments then the creditor may file suit against the borrower and initiate the legal process of bank foreclosure as the state laws of Iowa. The foreclosure basically involves acquiring the borrower’s home, sale or auction of the home, and then using the proceedings collected from the sale to pay off the outstanding debts of the borrower either in part or fully.
Of course it can be intimidating and downright scary to be faced with the prospect of losing your home. People who find themselves in such a predicament often think that they do not have any options. However, they actually do have legal options to get out of the rut and filing for bankruptcy is one of the most effective options in stopping the bank foreclosure process for good.
Types of bankruptcy
- Chapter 11 bankruptcy – Chapter 11 bankruptcy is usually designed for businesses and corporations. When a company falls on difficult times, so much so that they cannot complete their pay roll or even pay their legal tax obligations, then they may consider filing for Chapter 11 bankruptcy which facilitates reorganization. Chapter 11 proposes a plan to keep the business afloat and pay off creditors eventually over time.
- Chapter 12 bankruptcy – Chapter 12 bankruptcy is similar to chapter 13 bankruptcy which allows for a restructuring of the repayment scheme to make it something more bearable, sustainable and convenient for the borrower. However, unlike Chapter 13, Chapter 12 bankruptcy is exclusively meant for farmers and fishermen in certain circumstances.
- Chapter 13 bankruptcy – Chapter 13 bankruptcy is meant for those who do not qualify for Chapter 7 bankruptcy as they are considered people with steady, medium, or high income. Chapter 13 allows for the borrower to negotiate with the creditor and work out a repayment plan which will essentially involve smaller installments for a longer period of time to life some burden off of the borrower’s shoulder.
- Chapter 7 bankruptcy – Chapter 7 bankruptcy is meant for people with low or no income. Such folks who have been burdened with mortgages and debts that they simply have no way of paying off can file for Chapter 7 bankruptcy. This type of bankruptcy is also known as fresh start bankruptcy.
No rest for the weary
If you are not in a concrete position financially and need legal counseling on the matter, then you are at the right place.
Use the interactive map for The Hawkeye State or the local lawyers’ directory on the home page of USAttorneys.com and you are one step closer to appointing the best foreclosure lawyer in Iowa who can help you retain your home. These tools will provide you with a list of legal experts in your county along with their contact information.
You can call them directly and make that all important step towards saving your home. If you encounter any issues during the search, don’t hesitate talk to send us your information via the live chat forum or the contact page so we can call you back and help you acquire the legal assistance you need.
We do not want to see anyone get cheated by the system. This is America, we need to be better than that!