Bankruptcy debt can pile up and cause a massive amount of stress in our daily lives. Sometimes the debt becomes so large that it is impossible to manage. Filing bankruptcy takes your case to court, where a judge and court trustee can examine your information, such as assets and liabilities, and decide whether to discharge the debts or not. It is a way for people with unmanageable debts to get a second chance with their finances. Although bankruptcy can provide mental relief, it does come with consequences that will last for several years.
Berry Law’s Omaha bankruptcy attorneys can assist in filing bankruptcy and help you take back control of your life by removing debt. To schedule a consultation, call 402-466-8444.
There are two ways to file bankruptcy. The first is for you to file bankruptcy voluntarily. The second is to have creditors go to the court and ask for the court to declare bankruptcy for the debtor. Since 2005, when the laws were changed to make it more difficult to lessen the abuse of bankruptcy, there have been stricter guidelines to filing for bankruptcy. Due to the difficulty of filing bankruptcy by yourself, you may want to consider speaking with an Omaha bankruptcy lawyer. A bankruptcy lawyer can help you navigate the filing process, as each type of bankruptcy has two sections of forms and each section contains over 25 forms, making it a formidable process for anyone trying to file alone.
Understanding the nuances of bankruptcy is sometimes difficult. In fact, people are often surprised to learn that there are multiple types of bankruptcy. Although there are several different types of bankruptcy, but the most common types are Chapter 7 and Chapter 13.
Chapter 7 is a liquidation, allowing you to have a judgement from the court that will relieve you of your debt, selling off non-exempt property to repay some of the debt while allowing you to keep your exempt property. This is the most common type of bankruptcy. When determining exempt and non-except property, you must look at the necessity of the items. Non-Exempt property includes:
Exempt property is usually items that are essential to your wellbeing. These include:
Chapter 13 is an individual debt adjustment for those who do not wish to give up their property or do not qualify for Chapter 7. This usually occurs because their household income is too high. This involves paying off a portion of your debt and having the rest of the debt relieved. To file, your debt must:
It is typically in your best interest to consult a bankruptcy attorney in Omaha when determining the amount you should file for. You must have a 3 to 5 year repayment plan, and, upon successful completion, the remainder of the debt is relieved.
If you believe that filing bankruptcy is the right course of action for you to take, contact Berry Law Firm today. Our team of experienced Omaha bankruptcy lawyers will handle your case from beginning to end, making sure that you are taken care of during this difficult process.
Call 402-466-8444 to schedule your consultation with an Omaha bankruptcy attorney today.