Jump to content

Chapter 7 Bankruptcy Nebraska

OMAHA LAWYERS HELPING YOU FILE CHAPTER 7 BANKRUPTCY

Do you have bills that you can’t afford to pay? Maybe you have recently gotten divorced, lost a job or had a medical emergency, or maybe your monthly expenses are so high that your credit card bills have gotten out of control. Are you wondering what your options are?

For many people in situations like yours, filing Chapter 7 bankruptcy is a way to get meaningful debt relief and start over with a clean financial slate. At John T. Turco & Associates in Omaha, we help Nebraska and Iowa clients understand their options and file bankruptcy if they choose to do so. If you are feeling overwhelmed by debt, contact us to arrange a free initial consultation.

Clearing Your Debts Through the Bankruptcy Process

The Chapter 7 process is what many people think of as traditional consumer bankruptcy. It allows you to discharge (permanently eliminate) certain types of debt, particularly credit card debt and medical bills. In return for the discharge of your debts, you may have to give up certain assets, which can be liquidated (sold off) by the bankruptcy court to partially repay your creditors.

Many types of personal assets are exempt from liquidation in Chapter 7. Most people who file Chapter 7 are able to complete the bankruptcy process without giving up any assets.

We will carefully evaluate your personal circumstances to determine whether you would be required to give up your house, car or any other assets in order to get Chapter 7 debt relief. If so, we can help you consider whether Chapter 13 reorganization of your debts is a better option. We will not take any steps without explaining the consequences to you.

Determining Whether You Qualify for Chapter 7

The federal bankruptcy law adopted in 2005 set new qualifications for Chapter 7 bankruptcy. There is now a means test — based on your income and the size of your family — that attempts to screen out people who can afford to at least partially repay their debts.

Most people who are considering bankruptcy genuinely cannot afford to pay their bills, so the means test is usually not a problem. Also, if your bankruptcy is caused by problems with your small business, the means test may not apply. We understand the new law and can help you determine whether you qualify for Chapter 7. Contact us to discuss your options with an experienced bankruptcy lawyer.

 

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

 

Chapter 7 Bankruptcy Nebraska
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.