You feel like you can’t breathe by the financial chaos engulfing you. Maybe you should call bankruptcy lawyer Omaha NE.
An Omaha NE bankruptcy lawyer will tell you owing an unpayable amount of debt are what bankruptcy laws are designed for. Their intent is to help you get assistance to make a clean break, a “fresh start” in life. A fresh start rather than your lives crushed by the burden of unpayable debt.
You may not want to admit your situation is so dire. Unpayable means no matter how hard you try, you are in a hopeless situation. Many don’t want to admit it’s hopeless. Many find it morally or ethically wrong to walk away from debts. The law, however, doesn’t judge you, fault you for your mistakes, or throw you in debtor prison. It gives you another chance.
At your first meeting with an Omaha bankruptcy lawyer, you are required to provide a list your assets and liabilities. Your lawyer will want to know your income, the market value of your house, and the amount of the mortgage. The lawyer will want to know if you owe taxes, have student loans or owe child support. Some debts can be discharged in a bankruptcy, taxes, student loans, and child support cannot be.
Your big fear is probably losing the house or the car to get to work. Nebraskans have exemptions that save some assets from bankruptcy. A few of the exemptions are: real property or mobile home equity up to $125,000 (husband and wife may not double), motor vehicle equity to $1500; no limit if vehicle equipped to provide mobility for disabled person; appliances, household goods, furniture, home and yard equipment to $3000 total, ERISA-qualified benefits to $100,000, etc. Assets that are exempt are not available to unsecured creditors, like credit cards. If you have too much equity in your house, your bankruptcy attorney may advise selling the house.
The 2005 Nebraska Bankruptcy Law requires you to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.
Under the 2005 Bankruptcy Act, your income and expenses will be analyzed to determine if you qualify to file a Chapter 7 or if you must file Chapter 13. To apply the means test, the courts will look at your average income for the 6 months prior to filing and compare it to the median income for Nebraska. If the income is below the median, then you may choose Chapter 7. If your income exceeds the median, the remaining parts of the means test will be applied to determine if you can file Chapter 7 or if you must file Chapter 13. (See Nebraska Means Test)
Under Chapter 7 you may eliminate most unsecured debts in a matter of months in return for giving up all “non-exempt” property — if you have any.
Chapter 13 takes 3 to 5 years. Instead of giving up your property, you repay a portion of your debts and live within a strict budget that is monitored closely by the bankruptcy court trustee.
Remember: When it comes to bankruptcy, only a bankruptcy lawyer is qualified to give you legal advice and by his or her training, knows what is best for your situation.
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