You want to file for bankruptcy, but you’re not sure if it’s the right choice for you. In fact, there are many issues that can make it not a good idea to file at the current time, but you won’t know that until you talk to a Bankruptcy Lawyer Des Moines. The ultimate goal is to definitely file and eliminate your debt, but first you need to take some steps to to make sure you can file without too many problems arising.
If the reason you want to file is because your home is about to go into foreclosure, you need to time it just right. When the bank is talking to you, but not quite settling, it may be that you need to send in a lawyer to get the negotiations completed. However, if you decide to go straight for bankruptcy, the bank most likely will decide to stop talking to you altogether because of the effect that filing has on the mortgage. You may wind up in a worse position because you filed than had you waited to see what your attempts to get a better deal would net you. If all negotiations fail, then by all means, file bankruptcy to put yourself into a better position.
Do you have assets you don’t want to lose to a Chapter 7 bankruptcy? Depending on your situation, you can sell the assets so you can keep the money for yourself. However, you need to use the funds for daily living expenses or to settle your debt if you do this within 12 months of filing. Otherwise, the bankruptcy trustee can take the money from you to settle the debt. A similar rule applies for any property transfers to a family member. If you can wait to file, and you want to keep something via a transfer, make sure you can hold out at least 13 months before filing.
Always talk to a lawyer before you make any decision on you property. The lawyer is versed in the Bankruptcy Lawyer Des Moines laws and can give you the information you need to keep yourself out of trouble with the court when you do go to file.