From here onwards as every family member increases, the income median should have to be raised by $6300. keep in mid that this does not include the social security benefits. As told earlier, the median income must be higher if you want to proceed with the process.
This is followed by the step of accumulation of documents and the fees. The minimum cost you would have to pay is $1199. Of this $299 is the filing charge whereas the $900 is the fee of attorney. You would also be required to collect extensive amount of documentation. This begins with your credit counseling certificate. You would also need to
You would also be required to submit complete information about the creditors of car loan and home loan. You would also be required to submit the stubs of your last two pay days. Where any wage income is not available, you may be asked to provide a proof of other sources of income. Most recent tax returns would be required so would be the W2s of the last two years. You would also be required to present documentation of your home. Some other records and documentation may be asked for.
The third step is a sitting with your attorney or law firms. Keep in mind that you should try to get the paperwork done as fast as you can. Generally the attorney would not charge you unless you are willing to go for the said bankruptcy. This is followed by the fourth step of hearing. Hearing takes place in a court of law. Keep in mind that hearing starts around 4 weeks after you file for bankruptcy and the case may take up to 9 weeks.
All in all, Iowa chapter 7 bankruptcy can be a good solution for people who are in deep financial trouble. Witj a quick petition fast self help is possible but it is always better to pro.