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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
Law Changes & Iowa Bankruptcy
If you’ve watched the news or read the paper much in 2005, you probably heard: the bankruptcy laws were completely revamped to encourage more consumers to find other options for dealing with their debt. They did so by making the laws much stricter in terms of who could qualify for Chapter 7, which essentially lets someone completely eliminate debt without sacrificing more than their long-term credit.
What Does That Mean For Iowans With Debt?
Ultimately, the new laws are now requiring more people in Iowa to file Chapter 13 bankruptcy instead. As it works now, anyone who earns more than the median income in Iowa will be required to pass the means test for Chapter 7 bankruptcy. Listed bellow is Iowa’s median income info as of 2006:
2-person families 49,180
3-person families 57,688
4-person families 67,792
5-person families 65,721
6-person families 59,600
7-or-more-person families 64,366
Due to these new requirements, more Iowans are turning to debt solutions like credit card debt counseling and debt negotiation and settlement programs. To get matched with one of these programs, just fill out a form and PayingPaul.Com will put you in touch with an industry leader for a free consultation!
Or if you are interested in learning more about some of the different circumstances pertaining to credit & debt in Iowa, feel free to browse these links:
Iowa Consumer Credit Counseling Services
Iowa Bankruptcy Laws
Iowa Debt Collection
Filing Statistics In The State
2004: 12,722
2005: 18,254
2006: 4,683
Iowa is a state with favorable bankruptcy homestead protections, which means that in a majority of Chapter 7 cases filed, the debtor gets to keep their property. With the implementation of the new bankruptcy laws, however, this advantage mattered less as far more debtors were being forced into Chapter 13 reorganization plans. In a Chapter 13, your unsecured debt is paid back from your disposable income over a period of three to five years. The effect of the bankruptcy changes is evident in the dramatic drop off in the number of cases filed between 2005 and 2006. In all, the number of bankruptcy filings in Iowa decreased by 74.3 percent.
Law Changes & Iowa Bankruptcy
If you’ve watched the news or read the paper much in 2005, you probably heard: the bankruptcy laws were completely revamped to encourage more consumers to find other options for dealing with their debt. They did so by making the laws much stricter in terms of who could qualify for Chapter 7, which essentially lets someone completely eliminate debt without sacrificing more than their long-term credit.
What Does That Mean For Iowans With Debt?
Ultimately, the new laws are now requiring more people in Iowa to file Chapter 13 bankruptcy instead. As it works now, anyone who earns more than the median income in Iowa will be required to pass the means test for Chapter 7 bankruptcy. Listed bellow is Iowa’s median income info as of 2006:
2-person families 49,180
3-person families 57,688
4-person families 67,792
5-person families 65,721
6-person families 59,600
7-or-more-person families 64,366
Due to these new requirements, more Iowans are turning to debt solutions like credit card debt counseling and debt negotiation and settlement programs. To get matched with one of these programs, just fill out a form and PayingPaul.Com will put you in touch with an industry leader for a free consultation!
Or if you are interested in learning more about some of the different circumstances pertaining to credit & debt in Iowa, feel free to browse these links:
Iowa Consumer Credit Counseling Services
Iowa Bankruptcy Laws
Iowa Debt Collection
Filing Statistics In The State
2004: 12,722
2005: 18,254
2006: 4,683
Iowa is a state with favorable bankruptcy homestead protections, which means that in a majority of Chapter 7 cases filed, the debtor gets to keep their property. With the implementation of the new bankruptcy laws, however, this advantage mattered less as far more debtors were being forced into Chapter 13 reorganization plans. In a Chapter 13, your unsecured debt is paid back from your disposable income over a period of three to five years. The effect of the bankruptcy changes is evident in the dramatic drop off in the number of cases filed between 2005 and 2006. In all, the number of bankruptcy filings in Iowa decreased by 74.3 percent.