Nebraska Bankruptcy Information
If you are unsure of your financial future and would like to discuss the option of bankruptcy, contact a Nebraska Bankruptcy Attorney who can help you determine how to file and if filing bankruptcy is right for you.
Filing Chapter 13 Bankruptcy in Nebraska
Many people will not qualify to file Chapter 7 Bankruptcy and others have assets that they do not want to liquidate. Filing Chapter 13 Bankruptcy may be another option.. If you choose to file Chapter 13, it will not immediately discharge your debt, but will instead, allow you to create a 3 to 5 year bankruptcy plan to repay all or a portion of your personal debt. Many times the debt repayment schedule may have more favorable debt repayment options. At the end of the bankruptcy repayment schedule, if you have made all the necessary payments, your qualifying debt will be discharged.
The first step in filing Chapter 13 is to contact a Nebraska Bankruptcy Attorney. A bankruptcy lawyer will help you file your bankruptcy petition and schedules, create the bankruptcy repayment plan and appear in bankruptcy court.
Certain assets will be exempt from the bankruptcy process. The federal exemption list was created to allow individuals to maintain enough assets that can start over after filing bankruptcy. Federal bankruptcy law will outline the bankruptcy exemptions, but certain states have also created their own list of exemptions. Depending on the state where you live, you may have the option to choose between the federal exemption list and the state exemption list. In certain states you will only be able to use the state exemption list. In the state of Nebraska you are not allowed to use the federal exemption list and must choose the State of Nebraska Bankruptcy Exemptions.
Filing Chapter 7 Bankruptcy In Nebraska
Most people who file bankruptcy, file Chapter 7. Chapter 7 Bankruptcy in Nebraska is available for corporations, partnerships, individuals and couples. It is the quickest, easiest and least expensive type of bankruptcy. Chapter 7 will allow you to discharge most of your unsecure debt.
The first step in the bankruptcy process is to contact a Nebraska Bankruptcy Lawyer. Your bankruptcy attorney will determine if you qualify for Chapter 7 or Chapter 13 Bankruptcy. If you can file chapter 7 Bankruptcy, your Nebraska Attorney will submit you bankruptcy petition and a statement of financial affairs to the appropriate Nebraska bankruptcy court. The bankruptcy documents will outline all of your debts, the names of the creditors, the amount you owe, a list of your property and all of your expenses and income. A trustee will be assigned to sell all of your non-exempt assets and use the money from the sale to pay your creditors. Creditors will be paid based on their priority, which is outlined in federal bankruptcy law.
After the bankruptcy petition is filed, there will be an \"automatic stay\" and all debt collection efforts will be temporarily postponed until the bankruptcy judge determines there is \"cause\" to continue. After a four to six month period, most of your dischargeable debt including: hospital bills, credit card balances and unsecured personal loans will be discharged.
In 2005, the Bankruptcy Abuse Prevention and Consumer Act (BAPCA) passed which made it more difficult for many people to file Chapter 7 Bankruptcy. The goal of the legislation was to require more people to file Chapter 13 Bankruptcy and repay all or a portion of their debt.
The main provisions of the BAPCA includes completing credit counseling prior to filing bankruptcy, completing a financial management course prior to the discharge of your debt, and passing an income test to qualify to file Chapter 7 Bankruptcy in Nebraska.
More Help on Nebraska Bankruptcy Information
Find Other Articles
- Tagged with the keyword: