Bankruptcy Basics

In short, a discharge in bankruptcy is the formal court order that wipes out your obligation to pay a debt. That means you do not need to repay a debt that has been discharged. A bankruptcy discharge also means that no one can attempt to collect a discharged debt from you, including …

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 …

If you have ever experienced a wage garnishment or bank garnishment, you know how scary and panic-inducing it can be.  You may already be living on a tight budget, but with funds now coming out of your paycheck or bank account, you may find yourself struggling to meet your and your …

Bankruptcy exemptions are laws that allow you to protect certain property when you file a bankruptcy. In a Chapter 7 bankruptcy, exemption laws determine what property you can keep. In a Chapter 13 bankruptcy, exemption laws may be a factor in determining how much you have to pay back …

Yes, you can file bankruptcy twice, however, if you want to receive a discharge of your debts in a subsequent bankruptcy, you must wait a certain period of time. How long you have to wait depends on the chapter of bankruptcy you previously filed and the chapter you want to file in the …

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 …

In 2021, for the average person or couple filing a Chapter 7 bankruptcy in Omaha, Nebraska is around $1,750. On the lower end, the total cost may only be around $1,500 while a more involved case might be closer to $2,000 or perhaps a bit more.  These amounts only apply to relatively …

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 …

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 obtaining student loan debt relief in bankruptcy is very difficult. Now the question presented is whether …

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 …

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 …

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 …

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 …

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 …

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 …