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 a cure or …
Bankruptcy News and Trends
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 …
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 …
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 obtaining a discharge of a student loan in a bankruptcy proceeding. In general, it is a very challenging and frequently fruitless endeavor but not necessarily …
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 January 23, 2013) In general, the old law allowed …
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 protected under the exemption if it was not used …
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 furniture if you file bankruptcy? Will you be able …
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 were filed in 2013 in the County Court alone! The …
Student Loan Bankruptcy Discharge Update
On October 30, 2012, the United States Bankruptcy Appellate Panel for the Eighth Circuit issued a new opinion regarding the subject of discharging student loans in a bankruptcy proceeding. In the matter of Shaffer v. U.S. Department of Education, No. 12-601 (8th Cir. BAP Oct. 30, 2012), the Court addressed whether or not Susan M. …