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…
If you owe child support, a bankruptcy will not change your obligation to pay the child support, and it will not discharge any delinquent amounts owed. That does not mean, however, that your other debts cannot be discharged. What is Priority Debt? Child support, or any other domestic support, is considered a “priority” debt in…
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 satisfaction of some other obligation.” In Bankruptcy, a discharge is…
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…
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 family’s basic living expenses….
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 to your unsecured creditors. Most exemptions…
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 future. Timeframes…
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…
If you are considering or preparing to file for Chapter 7 or 13 bankruptcy money is probably a concern. The cost and fees to file will depend on your situation and complexity of your case along with the type of bankruptcy. Below is a breakdown of the filing fees, attorney fees, and helpful information about…
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…
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…
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 or not “private student loans” are dischargeable in…
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 discharge of student loan debt to Kathryn Nielsen. In its decision,…
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…
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 official bankruptcy term. However, many bankruptcies are based on medical-related debts. Medical…
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 specifically. Other states…
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 as “lien avoidance.” Basically, “lien avoidance” is…
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 years. But, sometimes…