Best Bankruptcy Lawyers Cedar Rapids, IA

Cedar Rapids, IA Bankruptcy FAQs

• Where do I file for bankruptcy in Cedar Rapids, Iowa?

  You may file your bankruptcy petition at the United States Bankruptcy Court for the Northern District of Iowa. The Cedar Rapids division is located at 111 7th Ave. SE, Cedar Rapids, IA 52401. Inquiries can be made by phone at 319-286-2200.

• Where can I get bankruptcy forms in Cedar Rapids, Iowa?

  Visit the United States Courts website at https://www.uscourts.gov/forms/bankruptcy-forms to access bankruptcy forms.

• Can you keep your motorcycle after filing for bankruptcy in Cedar Rapids?

  Yes, you may still keep your motorcycle even after filing for bankruptcy in Cedar Rapids. In accordance with Iowa Code § 627.6., debtors may protect up to $7,000 in equity for their motor vehicle. However, you may still lose your motorcycle to the provider of the auto loan, even if all of the equity in the motorcycle is exempt from Chapter 7 bankruptcy. To help determine exemption eligibility, it is advisable to consult a bankruptcy attorney.

• Are retirement accounts protected when filing for bankruptcy in Cedar Rapids?

  Yes. In accordance with Iowa laws, the entire amount of the retirement account is protected under Chapter 7 and 13 bankruptcy in Cedar Rapids. The exemption applies to plans that fall under the ERISA qualification, such as:

  • IRAs (Roth, SEP, and SIMPLE)
  • Keoghs
  • 401(k)s
  • 403(b)s
  • money purchase plans
  • defined-benefit plans
  • profit-sharing plans

  Nevertheless, contributions that surpass the normal and customary amount within one year prior to filing for bankruptcy are not eligible for exemption.

• How much does it cost to hire a bankruptcy lawyer in Cedar Rapids?

  Typically, Cedar Rapids attorneys' fees range from $1,500 to $3,000 for Chapter 7 cases and $3,000 to $4,000 for Chapter 13 cases. They usually charge a flat fee as opposed to billing by the hour. However, the intricacy of the case will also have an impact on the overall cost.

• Can Cedar Rapids residents who file for bankruptcy keep their houses?

  Yes, Cedar Rapids residents who have filed for bankruptcy are still allowed to keep the home or cooperative apartment they occupied before. According to Iowa law, a debtor's homestead is protected from collection efforts regardless of its financial worth. However, this exemption only applies to homes on lots up to 40 acres outside of cities and up to half an acre within cities.

• Which documents are needed for the means test in Cedar Rapids?

  Debtors who have filed bankruptcy petitions in Cedar Rapids need to submit several documents, including tax returns, a list of sources of income and investment, government-issued identification, and six months of employment, loan, and bank statements. Before submitting legal documents to the court, it is essential to consult an attorney as the trustee may require additional information to assess your situation.