The initial phase is to determine the median income requirements. You must ensure that you meet this requirement, as failure to do so will prevent your application from moving forward. Your gross income for a particular period would be compared to the state's median gross income for the same time period. Typically, the median annual income for a single individual is $37,759. The cost for 5 people is $76623.
The median income should be raised by $6,300 for every additional family member from this point forward. Note that this does not account for social security benefits. As stated previously, the median income must be higher for the process to continue.
This is then followed by the collection of documents and fees. The lowest cost you would incur is $1199. $299 of this is the filing fee, while $900 is the attorney's fee. Additionally, you would be required to collect a substantial quantity of documentation. This begins with your certification in credit counseling. Additionally, you would need to assemble every bill that is to be discharged. They must include a complete address and account number.
You would also be required to submit complete information regarding your auto loan and mortgage lenders. Additionally, you would be required to submit your last two pay slips. In the absence of wage income, you may be required to provide evidence of alternative sources of income. In addition to the two most recent W2s, the two most recent tax returns would also be required. You would also be required to provide proof of your residence. Additional records and documentation may be required.
The third stage is a consultation with your lawyer or law firm. Remember that you should complete the documentation as quickly as possible. Typically, the attorney will not charge you unless you intend to file for bankruptcy. Following this is the fourth stage of hearing. A legal proceeding is held in a court of law. Keep in mind that the hearing will begin approximately four weeks after you register for bankruptcy and that the case could last up to nine weeks.
Overall, chapter 7 bankruptcy in Iowa can be a viable option for those in dire financial straits. Self-help is possible with a brief petition, but it is always preferable to pro.""
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