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John T. Turco & Associates PC, LLO

Omaha’s Premier Bankruptcy Law Firm

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  • Home
  • About
    • Meet Our Bankruptcy Lawyers
    • Client Reviews
  • Bankruptcy & Debt Relief
    • Chapter 7 Bankruptcy
    • Chapter 11 Bankruptcy
    • Chapter 13 Bankruptcy
    • Small Business Bankruptcy
    • Bankruptcy and Divorce
    • Car Loans, Repossessions, and Bankruptcy
    • Foreclosure Assistance
    • Medical Bankruptcies
    • Taxes & Bankruptcy
  • Bankruptcy 101
    • Understanding Bankruptcy
    • What Type of Bankruptcy Do I Qualify For?
    • How to File for Bankruptcy
    • Life After Bankruptcy
    • Debt Collection Practices
    • Credit Reporting Practices
  • Client Resources
  • Blog
  • Contact

Bankruptcy Basics

Bankruptcy can be confusing and overwhelming. In these blog posts, we cover the bankruptcy basics you need to determine if bankruptcy is a valid option for you and your unique situation.

Ripped Cardboard Box

Looking for a Cheap Bankruptcy Lawyer? Do Your Research!

July 9, 2020 //  by John Turco

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 …

Student-Debt-Word-Cloud

Can You Wipe Out Private Student Loans in Bankruptcy?

December 22, 2014 //  by John Turco

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 …

Debt-Sign

Wiping Out Student Loans in Bankruptcy is Difficult

December 16, 2014 //  by John Turco

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 Panel for the 8th Circuit Court of Appeals denied a bankruptcy …

Inherited IRAs Are Not Exempt in Bankruptcy

September 4, 2014 //  by John Turco

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 …

Facts-and-Myths-Giant-Words

Bankruptcy Fact vs. Fiction

May 20, 2014 //  by John Turco

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 …

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Top 5 Things You Should Know Before Filing Bankruptcy

February 7, 2014 //  by John Turco

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 …

Unemployment-Benefits-Sign

Will Bankruptcy Discharge an Overpayment of Unemployment Funds?

February 5, 2014 //  by John Turco

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 …

Financial Freedom

Exploring the Bankruptcy Discharge

January 24, 2014 //  by John Turco

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 …

Cartoon-Man-Balancing-Work-and-Family

Powerful Tool in Bankruptcy – Lien Avoidance

January 3, 2014 //  by John Turco

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 …

Woman-Washing-Hands-With-Money-Water

5 Signs for Knowing When Bankruptcy is the Right Option?

December 18, 2013 //  by John Turco

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 …

Over-Due-Bills

Why Ignoring Your Debts Will Only Make it Worse

October 22, 2013 //  by John Turco

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 …

Woman-Paying-Bills

How Do You I Get Rid of Medical Bills?

October 16, 2013 //  by John Turco

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 …

Gavel on Cash

Bankruptcy Stops Judgments and Garnishments in Nebraska and Iowa

March 21, 2013 //  by John Turco

It's almost never too late for bankruptcy to stop a judgment or garnishment. I am often asked questions about whether or not it is too late to file bankruptcy to wipe out a judgment or garnishment.  Common questions include: Will a bankruptcy wipe out a judgment? Is it too …

Cost-Cutting-Sign

Want a Cheap Bankruptcy Attorney in Omaha?

March 8, 2013 //  by John Turco

With today's economy and a vast number of people hurting financially, the search for a "cheap bankruptcy attorney" is on the rise.  Although Omaha and the metro area missed a lot of the early months of the great recession, it has finally caught up to Nebraska and …

White-House-Exterior

Will I Lose My House if I File Bankruptcy in Nebraska?

January 23, 2013 //  by John Turco

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.  The bankruptcy homestead exemption law in Nebraska is geared toward protecting families and people 65 years of age or …

Financial-Clock

Can Bankruptcy Help the Student Loan Crisis?

January 18, 2013 //  by John Turco

Millions of Americans are facing a student loan debt crises.  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 …

Balance-Sheet

Will I Owe Money to My Mortgage Company After a Foreclosure Sale?

January 3, 2013 //  by John Turco

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 …

Man-Throwing-Money

Do I Get to Keep My Inheritance if I File Bankruptcy?

December 21, 2012 //  by John Turco

Few areas of consumer bankruptcy law cause more confusion and frustration than the issue of an inheritance.  Part of this reason is likely due to the fact that a loved one has recently died and this was their money and is was intended for me!  There is a natural and strong feeling of …

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This site is not intended to constitute legal advice, nor does it create an attorney-client relationship. The materials on this site are not guaranteed to be complete or current, and they should not be relied on as a substitute for legal advice. This site conveys general information related to bankruptcy law in Omaha, Papillion, Bellevue, Gretna, Council Bluffs and surrounding communities. If you are contemplating or involved in any matter in which legal advice or other expert assistance is required, the services of a competent professional should be sought. The determination of the need for legal services and the choice of a lawyer are extremely important decisions and should not be based solely upon advertisements or self-proclaimed expertise. This disclosure is required by rule of the Supreme Court of Iowa. Memberships and offices in legal fraternities and legal societies, technical and professional licenses, and memberships in scientific, technical and professional associations and societies of law or field of practice does not mean that a lawyer is a specialist or expert in a field of law, nor does it mean that such lawyer is necessarily any more expert or competent than any other lawyer. All potential clients are urged to make their own independent investigation and evaluation of any lawyer being considered. This notice is required by rule of the Supreme Court of Iowa.

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