Author: John Turco

John graduated from Creighton University in 1986 with a B.S. in Computer Science. He received his J.D. in 1989 from Creighton University School of Law. John has 32 years of experience representing debtors in bankruptcy and debt related matters and is a former Chair of the Bankruptcy Section of the Nebraska State Bar Association. John has appeared on radio shows and has lectured to banking groups on issues regarding bankruptcy and collection practices. John is a member of the Nebraska State Bar Association and a founding member of the American Consumer Bankruptcy College. He is also licensed to practice law in the State of Iowa.
What is the 341 Meeting Of Creditors?

What is the 341 Meeting Of Creditors?

All bankruptcy filings require that the Debtor and, if applicable, the Debtor’s spouse, attend a hearing about thirty days after the case is filed. In the bankruptcy world, this is commonly referred to as the “341 hearing” because such a hearing is required by federal law as is found at 11 U.S.C. § 341 (a)….

Filing Bankruptcy vs. Debt Consolidation

Filing Bankruptcy vs. Debt Consolidation

What is Debt Consolidation? Debt consolidation sounds great and is a good way to handle a minor to moderate cash flow problem. When too many monthly bills come due and it is a struggle to pay all of them on time, one of the first logical thoughts is to get one new, larger loan and pay…

What is an Emergency Bankruptcy Filing?

What is an Emergency Bankruptcy Filing?

An emergency bankruptcy is just like it sounds – something financially urgent and of an emergency nature comes up and fast action needs to be done to stop it or very bad things could or will happen. While bankruptcy is ideally something that is well researched and contemplated before filing, that is not the way…

Bankruptcy in the Gig Economy

Bankruptcy in the Gig Economy

The gig economy is something very unique, exciting, and freeing. It liberates regular people from the restrictions of corporate America and the hourly constraints of a “regular” job. In essence, the gig economy is a platform for a type of self-employment, be it big or small. It has the potential to unleash the American spirit…

Debt Settlement vs. Bankruptcy

Debt Settlement vs. Bankruptcy

A lot has been written about the virtues and benefits of debt settlement vs. bankruptcy to deal with unmanageable debt.  As a bankruptcy attorney serving clients in Omaha, Nebraska for 31 years, I’ve participated in helping lots of people permanently fix their debt problems. I know how things play out in the legal system and…

What is the Bankruptcy “Means Test”?

What is the Bankruptcy “Means Test”?

As a bankruptcy attorney in Omaha, I frequently get questions about the “Means Test” by people who have spent a considerable amount of time on the Internet.  I actually really enjoy these technical questions because we can jump right into the little nuances of the bankruptcy means test and how it works in the real…

Chapter 13 Bankruptcy: A Very Powerful Legal Tool

Chapter 13 Bankruptcy: A Very Powerful Legal Tool

Most people, including attorneys, do not fully grasp the power of a Chapter 13 bankruptcy.  It is quite amazing how so many problems can be handled with such bankruptcy. Nothing else even comes close; not a Chapter 7 bankruptcy nor a Chapter 11 proceeding. The reason a Chapter 13 bankruptcy is so powerful lies in…

What is the Foreclosure Process in Nebraska?

What is the Foreclosure Process in Nebraska?

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 lenders…

How Can I Afford Bankruptcy if I’m Broke?

How Can I Afford Bankruptcy if I’m Broke?

Bankruptcy is affordable and offers lasting protection if carefully planned. It’s the classic Chicken and the Egg problem. I need to file for bankruptcy but I can’t afford to file. It’s just too expensive. I need a cheap and affordable option. Chapter 13 is sometimes the best choice Most people are familiar with the concept…

Business Bankruptcy Options in Omaha
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Business Bankruptcy Options in Omaha

What is Business Bankruptcy? Business bankruptcy is a topic frequently misunderstood.  Sometimes, a corporate bankruptcy filing is what is meant.  In other words, the corporation itself files bankruptcy, not the individuals that own the corporation.  Corporations may generally file a Chapter 7 bankruptcy (to completely go out of business) or a Chapter 11 bankruptcy (to…

Bankruptcy During Coronavirus – Prepare Now

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…

Scary New Trend on Wiping Out Tax Debt in Bankruptcy

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 after being on…

Wells Fargo Gets Hammered!

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 debtors’ attorney sent…

Private Student Loans Barred by the Statute of Limitations

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 obtain a discharge of a student loan in a bankruptcy proceeding.  In general, it is a very challenging and frequently fruitless endeavor but not necessarily impossible. My…