Jeff Mathias Law Office
4800 Mills Civic Parkway, Ste. 214, West Des Moines, Iowa 50265
Tel: 515-261-7526 Toll Free: 1-800-997-1395 Email Jeff
Planning your Iowa Bankruptcy
What Not to Do
Iowa bankruptcy planning is more about what Not to do than what you should do before you file. If you plan to file Iowa bankruptcy-
Credit Cards
DO NOT:
*Transfer credit card balances. Recent balance transfers may not be discharged.
*Take cash advances. Courts do not look favorably on people who take cash off their credit cards shortly before filing Iowa bankruptcy.
*Use your credit cards at all if possible. There is a presumption that debt taken out within 90 days of filing your Iowa bankruptcy is fraudulent, so it may not be discharged.
If you are worried about your recent credit card use (within about the last 90 days), email Jeff with specifics and we can tell you if it is likely to be a problem.
Home
DO NOT:
*Fall behind on your house payment if you intend to keep your home. Many people pay credit cards first and mortgage 2nd since unsecured creditors are often much more aggressive with phone calls when you fall behind. This can cause you to lose your home.
Repayments
DO NOT:
*Repay money owed to family.
*Repay more than $600 to any one creditor.
Both of these are preference payments. The Judge can take the money back and give it to creditors equally.
Transfers
DO NOT:
*Transfer assets to anyone. Courts get downright pissed off when people give away or otherwise transfer assets away shortly before filing bankruptcy. They will take this property and sell it, giving the proceeds to your creditors.
Tax Returns
DO NOT:
*Your exemption for tax returns is about $1000 ($2,000 for joint cases) plus your Earned Income Credit. If you are expecting a big refund and do not get EIC you should consider waiting to file until it is received or at least adjusting your withholding with your payroll office now so you get more money on each paycheck and a smaller return later.
Wait Too Long
DO NOT:
*Lawsuits, judgments, employer notice, bank and wage garnishments, foreclosure, liens etc. can all be avoided if you file your bankruptcy before they happen.
What To Do:
List All Creditors, even those you intend to keep
Be sure you have all your creditors together, name, address, account number if possible and balance or estimate. The best credit report is equifax.com.
Be obsessive/compulsive about documents
Your successful bankruptcy depends on getting all your documents together:
-Pay stubs from work for the past 60 days
-1040 tax forms, Federal and State for the most recent tax year
If you are late filing your taxes you must get them filed.
-W2 forms for the past two years
-Credit Counseling Certificate (you can get this online at www.cccsinc.org.
Allow 48 hours for them to process & email the certificate.
-Creditor information (full address, account #'s) on debts you will keep like home or car loans
-Photo ID and social security card, (two if you are filing jointly).
Bring all of these documents to the office even if you complete MyCaseInfo before coming in.
Whether you come to my office or that of another attorney, try to remember that our time is often segmented throughout the day. Running late to your appointment can really throw a wrench in the works, so leave early and allow extra time. If you arrive early it just gives you time to have a cup of coffee, (there is a coffee shop in the building) use the restroom & relax for a few minutes before we meet. Be organized. Have your bills neatly stacked with collection letters behind each one. Have your pay stubs clipped in order. You can use sticky notes to tab each type of document so you can easily refer to them during our meeting. This will reduce stress for both of us. Getting started on your Iowa Bankruptcy.
Questions? Email Jeff
Iowa Bankruptcy Court Location
Iowa Bankruptcy Court
210 Walnut, Des Moines
Des Moines Federal Building Map
eff will be there sitting next to you to address any issues that may come up.
Jeff Mathias Law Office
4800 Mills Civic Parkway, Suite 214
West Des Moines, Iowa 50265
Tel. 515-261-7526
Toll Free 1-800-997-1395
Email Jeff