Sole proprietorships, characterized by individual ownership and management, face unique challenges when financial difficulties arise. Given the lack of legal separation between personal and business assets, choosing the right type of bankruptcy is crucial. This is...
One of the most common questions that I receive from people contemplating filing for bankruptcy is, “Am I going to lose everything if I file for bankruptcy?” The trepidation of losing everything that you have worked hard to obtain is usually the reason that people...
No. A married couple does not have to file jointly just because they are married. One spouse can file, and the other one does not have to file (this person is the “non-filing” spouse). However, there are many factors to consider in the decision of whether to file a...
If you're considering Chapter 7 bankruptcy in Iowa, the means test determines if your income is low enough to qualify for this type of debt relief. The test helps prevent those with higher incomes from filing for Chapter 7, which typically involves liquidating...
How many of the following statements apply to you at this stage in your life and career? 1. I have several credit cards that I am paying on every month. I am current on payments and have never been late. However, I am only able to make the minimal monthly payments...
If I had a dollar for every time that I was asked this question, I would be retired and spending my days on a sunny beach. The easy answer to this question is “it depends.” If you are current on your payments to the mortgage company and continue making timely payments...
One of the main reasons clients are hesitant to file for bankruptcy is that they erroneously believe that they should be ashamed or embarrassed for doing so. This is a needless waste of worry and energy, my friends. There is nothing shameful in making the financial...