Bankruptcy Blog Archives

Many people will not qualify to file Chapter 7 Bankruptcy, or they will have assets they would like to keep. Filing Chapter 13 Bankruptcy is another option. Chapter 13 Bankruptcy is not a liquidation bankruptcy and it will not immediately discharge your debt, but it can stop a home foreclosure, end a repossession or eliminate [...]

The most common type of bankruptcy is Chapter 7 Bankruptcy. Under Chapter 7 Bankruptcy, a trustee is appointed to sell your assets and use the proceeds to pay your priority creditors. Creditors are paid in the order outlined in the federal bankruptcy code. Chapter 7 Bankruptcy is considered a liquidation, which means most of your [...]

Certain types of debt are considered non-dischargeable and will not be discharged or eliminated by filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Federal bankruptcy law outlines all non-dischargeable debt for all states. Nebraska non-dischargeable debt will be the same as all other states. If you do not continue debt repayment for non-dischargeable debt, collection [...]

Over the weekend CIT Group filed for bankruptcy protection in an attempt to cut $10 billion in debt from its balance sheets. Economists say that the bankruptcy, which is the fifth largest ever filed in the United States, could impact small businesses across the country who have relied on CIT as a source of credit. [...]