For better or worse, Nebraska allows mortgage companies, banks, and other lien holders to foreclose on real property without a court proceeding. The authority that provides for non-judicial "mortgage" loans is found at Neb. Rev. St. § 76-1018 et seq. and is commonly referred to as the Nebraska Trust Deeds Act. This Act allows …
The Bankruptcy Blog
Looking for a Cheap Bankruptcy Lawyer? Do Your Research!
If you need legal advice concerning financial problems and specifically with possibly filing bankruptcy, you naturally want to get it done as cheap (and as good) as possible. In the world of Amazon, Facebook, and Google, many of us spend a lot of time doing research to find the best possible answers online, educate ourselves on …
Bankruptcy During Coronavirus – Prepare Now
Of course, even when times were good by comparison, many families and businesses were just barely making it month to month. Now that a worldwide economic crisis is upon us, it is obvious that millions of people and businesses will not be able to economically survive with the debt that they currently have, even if a cure or …
Bankruptcy, Anxiety, and What to Expect
Anxiety is the worst. I have it. You have it. We all have it to some degree or another and none of us like it too much. Ok, so anxiety has its good quality: it is meant to keep you alive. That is a perk. Thank you, Anxiety. I appreciate that. But let's face it, for something that is supposed to have such a noble purpose it comes with …
5 Things Everyone Should Know Before Considering Chapter 7 Bankruptcy
Sometimes bankruptcy is a good decision. Sometimes it is not going to help you at all. Most of the time when a person thinks of bankruptcy they think of a Chapter 7 bankruptcy. This is, in a nutshell, when a trustee will essentially take a person's assets (if any) and use the proceeds (if any) to pay off the creditors. Afterward, the …
Scary New Trend on Wiping Out Tax Debt in Bankruptcy
The 2005 Bankruptcy Act is causing trouble in certain discharge of income tax cases On October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCPA") became fully effective as the law of the land. This bankruptcy law update made enormous changes to people needing to file bankruptcy. Strangely enough, even …
Wells Fargo Gets Hammered!
Wells Fargo Bank violates discharge order in Omaha and gets nailed by Nebraska Bankruptcy Court for sanctions Wells Fargo Bank wouldn't just leave it alone. Kevin and Amanda Hebner filed a bankruptcy in the United States Bankruptcy Court for the District of Nebraska on or about November 13, 2008. During that proceeding, the …
Private Student Loans Barred by the Statute of Limitations
My last two blogs have focused on wiping out student loan debt. The first blog, Wiping out Student Loans in bankruptcy is difficult discussed the general guidelines to obtaining a discharge of a student loan in a bankruptcy proceeding. In general, it is a very challenging and frequently fruitless endeavor but not necessarily …
Can You Wipe Out Private Student Loans in Bankruptcy?
A few weeks back, I blogged about how it was very difficult to wipe out a student loan in bankruptcy. Everything mentioned in that blog still applies, including the fact that wiping out student loans in bankruptcy is very difficult. Now the question presented is whether or not "private student loans" are dischargeable in …
Wiping Out Student Loans in Bankruptcy is Difficult
8th Circuit Bankruptcy Appellate Court (controlling in Nebraska and Iowa) denies discharge of student loan debt It's a very tough situation. Very, very tough. Getting rid of student loan debt in bankruptcy is a serious challenge but not necessarily impossible. In a decision filed on October 27, 2014, the Bankruptcy Appellate …
Inherited IRAs Are Not Exempt in Bankruptcy
On June 12, 2014, the United States Supreme Court ruled that an individual that owns an inherited IRA may not protect or exempt the same if they file bankruptcy. In the case of Clark v. Rameker, Trustee, the Debtors in bankruptcy attempted to exempt approximately $300,000 from an inherited IRA. The Clarks had argued unsuccessfully …
Bankruptcy Homestead Exemption Updated in Nebraska
Nebraska Legislature expands protection of the homestead exemptions, but other bills fail to pass. Previously, certain individuals could not protect the equity in their house if they encountered financial trouble in Nebraska. (Please see my earlier bankruptcy exemption blog from January 23, 2013) In general, the old law allowed …
Bankruptcy Fact vs. Fiction
There are so many myths surrounding the bankruptcy process and many of these myths prevent people from considering filing for bankruptcy to relieve the financial stress. Some common myths are discussed here. A medical bankruptcy Fact and Fiction. A “medical bankruptcy” is not an official bankruptcy term. However, many …
What Are the Defining Characteristics of Chapter 13 Bankruptcy?
Do you know what the difference is between chapter 13, chapter, 11, chapter 7, and all other types of bankruptcy? Unless you are a legal expert, probably not. If you are facing the possibility of filing for bankruptcy, however, it is imperative that you understand the different classifications so you file for the correct …
2 New Developments in Nebraska Bankruptcy Exemptions
An Update on the "Tool of the Trade" Exemption in Nebraska I recently posted a blog that discussed lien avoidance and the “tool of the trade” exemption in Nebraska. The “tool of the trade” exemption was under fire after a local bankruptcy Judge ruled that a vehicle was no longer protected under the exemption if it was not used …
Top 5 Things You Should Know Before Filing Bankruptcy
Perhaps you’ve heard the word before on the news, or maybe even had friends who filed bankruptcy, but what do you actually know about bankruptcy? More importantly, if you are considering filing bankruptcy, what things should you know? Well, obviously, bankruptcy law is complex and one short article can’t cover everything – that’s …
Will Bankruptcy Discharge an Overpayment of Unemployment Funds?
Maybe. I say "maybe," because technically, an overpayment of unemployment benefits is automatically discharged in bankruptcy unless the state objects to the discharge of that particular debt. If you live in Nebraska, you can surely expect that the Nebraska Department of Labor will object to the discharge of the debt owed to them …
Better Bankruptcy Exemptions Proposed for Nebraska in 2014
What are bankruptcy exemptions and why are they important? Bankruptcy exemptions are extremely important to anyone thinking about filing bankruptcy with equity in their assets. They are you financial "shield" and are what protect your stuff. For example, can you keep your car and furniture if you file bankruptcy? Will you be able …