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 …
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 obtain a discharge of a student loan in a bankruptcy proceeding. In general, it is a very challenging and …
Can You Wipe Out Private Student Loans in Bankruptcy?
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 …
Wiping Out Student Loans in Bankruptcy is Difficult
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
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 …
Top 5 Things You Should Know Before Filing Bankruptcy
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 …
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 …
Chapter 13 Bankruptcy in Nebraska
A Chapter 13 bankruptcy requires monthly payments for a period of 36 to 60 months. Contrary to popular belief, Chapter 13 bankruptcies are very effective and provide an affordable option for people to reduce and consolidate their debts. In many ways, a Chapter 13 is everything that …
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 …