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What are the consequences of filing for bankruptcy? Iowa

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  • What are the consequences of filing for bankruptcy? Iowa

    Depending on a debtor´s financial situation and reasons for filing, the consequences of filing for bankruptcy protection may outweigh the benefits. Those considering bankruptcy should be aware of the following:

    Filing for bankruptcy protection is not free.
    How much does it cost?

    The filing fee for a Chapter 7 is $209.00

    The filing fee for a Chapter 11 is $839.00

    The filing fee for a Chapter 12 is $239.00

    The filing fee for a Chapter 13 is $194.00

    For additional fees, please refer to the Fee Schedule.

    Not all debts are dischargeable.
    Example: Secured creditors retain rights which may permit them to seize property, even after a discharge is granted. Spousal and child support obligations and most tax debts are not dischargeable.

    Within 15 days of the filing of a bankruptcy petition, schedules of the debtor´s assets and liabilities must be filed. Failure to timely file the appropriate schedules will result in dismissal of the bankruptcy.

    Fraudulent information or acts by the debtor are grounds for denial of a discharge and may be punishable as a criminal offense.
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