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 …
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 …
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 financial stress. Some common myths are discussed here. A medical bankruptcy Fact and fiction. A “medical bankruptcy” is not an …
What Are the Defining Characteristics of Chapter 13 Bankruptcy?
Do you know what the difference is between Chapter 7, Chapter 11, Chapter 13, 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 …
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 …
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 …
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 …
A Zero Down Chapter 7 Bankruptcy is Unethical & Illegal
Beware consumers! While the economy is in very tough shape and the need to financially protect yourself has never been greater, the truth remains that "Zero Down" Chapter 7 cases are unethical and illegal. While the vast majority of bankruptcy attorneys are ethical and follow the …
Exploring the Bankruptcy Discharge
What is a discharge? The definition, according to the Webster Dictionary, is “to end the service of (someone) in a formal or official way.” According to the Black’s Law Dictionary, a discharge is “any method by which a legal duty is extinguished; esp., the payment of a debt or …
Tax Refunds and Bankruptcy: A Busy Time of the Year
Now that the holidays are over there isn’t much to look forward to between now and the summer months. Sure, there’s Valentine’s Day (welcome back, House of Cards), St. Patrick’s Day (green beer!), and don’t forget to mark your calendars for March 1st, National Pig Day. But don’t …
Powerful Tool in Bankruptcy – Lien Avoidance
What is a lien avoidance and why is it important? I recently passed my sixth year as a practicing bankruptcy attorney. Over these years my experience has impacted my advice to clients. One of my first memorable experiences involved a powerful tool under the bankruptcy code is known …
5 Signs for Knowing When Bankruptcy is the Right Option?
For starters, do we even need to mention that bankruptcy isn't for everyone? Let's get this out of the way first: Nobody wants to file bankruptcy if they don't have to. Quite the contrary is true based on my personal observation as a bankruptcy attorney in Omaha for the last 24 plus …
Why Ignoring Your Debts Will Only Make it Worse
Taking action is hard. Sometimes, simply ignoring the growing pile of bills or avoiding the endless phone calls seems easier than facing what might be inside the envelope or who might be on the other end of the phone line. But, merely ignoring debt problems won’t make them magically …
How Do You I Get Rid of Medical Bills?
Of all the trials the American people face, perhaps none is more troubling than the financial difficulties brought on by the rising costs of consumer goods and services such as health care. The state of the economy changes every day, which naturally results in fluctuating prices for …
Being Sued in Omaha, Nebraska? Join the crowd!
As of March 5, 2013, over 4,700 lawsuits have been filed in the County Court of Douglas County, Nebraska for 2013 alone! That averages out to be 104.4 new lawsuits every business day. And, that's just in Douglas County. In Sarpy County, Nebraska , approximately 981 new lawsuits …
Will I Lose My House if I File Bankruptcy in Nebraska?
Can I protect the equity in my house in Nebraska if I file bankruptcy? Normally, the answer is yes, up to $60,000. But, not everyone qualifies for this exemption. Nebraska Bankruptcy Homestead Exemption The bankruptcy homestead exemption law in Nebraska is geared toward protecting …
Can Bankruptcy Help the Student Loan Crisis?
Millions of Americans are facing a student loan debt crisis. The young, in particular, have collectively been robbed and cheated of a bright economic future by crushing amounts of student loan balances. Out of desperation for a solution, more and more people are wondering if …
Will I Owe Money to My Mortgage Company After a Foreclosure Sale?
As a bankruptcy attorney, a very common scenario that I experience is a person that is facing a foreclosure or is worrying about owing money after a foreclosure sale, short sale, or deed in lieu of foreclosure. With so many foreclosures in the recent past and with many more in the …