You feel like you can’t breathe by mounting debt problems; maybe you should be calling bankruptcy lawyers omaha ne.
Omaha NE bankruptcy lawyers will tell you that if you have an unpayable amount of debt, the bankruptcy laws are designed to help you get assistance to make a clean break– a “fresh start” in life, rather than spend the rest of your lives being 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.
The first meeting with an Omaha bankruptcy lawyer will require you to list your assets and liabilities. The lawyer will want to know your income, 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.
A big fear is losing the house or the car to get to work. Nebraskans have exemptions. For example, 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.
Nebraska Bankruptcy Law tells that as of 2005 when the Bankruptcy Act Credit Counseling Act was passed all individual debtors who file bankruptcy on or after October 17, 2005, are required 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)
Chapter 7 allows you to 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 property, you repay a portion of your debts and live within a strict budget that is monitored closely by the bankruptcy court trustee.
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.
If you have too much equity in your house, your bankruptcy attorney may advise selling the house. Styl Properties, Inc. is here to help homeowners out of just about any situation, no matter what! We buy homes for cash and we can move quickly. There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
We may not be the “traditional” route, but we CAN help and we can do it quickly
Give us a call today at 402.909.0608 to let us know what YOU need help with!