A bankruptcy attorney Omaha NE will tell you that if you have an unpayable amount of debt, the Omaha 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 attorney will require you to list your assets and liabilities. The attorney will want to know your income, market value of your house and the amount of the mortgage. The attorney 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. Nebraska has exemptions. Assets that are exempt are not available to unsecured creditors. Debts to credit card companies are unsecured. Nebraska exemptions for example cover $60,000 of equity and previously covered only the Head of Household. The old law allowed only the Head of the Household or individuals 65 years of age or older the ability to protect their equity up to $60,000. However, starting July 18, 2014, every homeowner, regardless of marital status or age, will be afforded the full $60,000 protection!; Further exemptions including Federal, allow $1,500 of equity in a car (double for a couple) and exempts clothing, books, pictures and musical instruments, pets, and furniture up to about $11,000 for a couple.
The LegalConsumer tells us that there are two types of bankruptcy available to individuals and couples. 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.
Determining if you should file for bankruptcy and which it should be is best left to a bankruptcy attorney. Only a bankruptcy attorney Omaha, NE is qualified to give you legal advice and by his or her training, knows what is best for your situation.
Maybe your bankruptcy attorney will 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 402.909.0686 to let us know what YOU need help with!