Omaha Bankruptcy Attorney
Are you unable to cope with your debts? Are calls and visits from creditors becoming a regular affair? Then, perhaps, it is time to consider putting your financial problems in order. The right to file for bankruptcy is provided for by the federal law and it allows an individual a fresh chance to clear debts and gain control over his or her finances. Click here for a FREE assessment of your case.
You can file for bankruptcy by yourself, but it is recommended that you contact an Omaha bankruptcy lawyer. This is essentially because non-compliance of the Federal Rules of Bankruptcy or the Bankruptcy Code will lead to a dismissal of your case and only an attorney can ensure that all the expectations are met. Our sponsoring Omaha bankruptcy lawyers are competent and experienced. They are knowledgeable in all aspects of bankruptcy and ensure that their clients understand the legal and financial consequences of their decisions.
Bankruptcy for individuals is filed under Chapter 7 and Chapter 13.
Chapter 7
Bankruptcy filed under Chapter 7 is popularly called ‘straight’ bankruptcy, as it discharges most debts.
- Most assets and properties of the debtor are liquidated and the creditors paid off. A trustee appointed by the court handles these proceedings.
- The debts that are not discharged include child support, alimony and student loans.
- Exemptions are the assets and items that the debtor is allowed to retain and they vary from state to state. Nebraska exemptions include homestead worth $12,500, personal possessions, clothing, furniture, tools of trade or automobile of up to $2,400 and insurance.
- A list of all assets and debts needs to be submitted; and your Omaha bankruptcy lawyer will assist you in doing so. It is important that no debt is left unmentioned. If a debt has been missed in the list, it will not be discharged.
- An up-to-date financial statement needs to be provided.
Chapter 13
To file for bankruptcy under Chapter 13, which is also called ‘debt adjustment’, the debtor must have a regular source of income.
- The individual is required to submit a detailed plan of repayment that clears all the debts within 5 years. Your Omaha bankruptcy lawyer will help you in drawing up the repayment plan.
- A list of assets and debts needs to be prepared and the details of all the debts, such as secured and unsecured loans, names and addresses of all creditors, etc, are to be provided to the court appointed trustee.
- The trustee will approve the plan after consulting with the creditors.
Our sponsoring Omaha bankruptcy attorneys also provide legal services to the residents of all other cities of Nebraska such as North Platte, Kearney and Bluff.
Nebraska Bankruptcy Law Information:
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