Nebraska Bankruptcy Lawyers, Attorneys and Law Firms Near You

When your debts become overwhelming, and you can no longer keep your head above water, bankruptcy may be your best option to keep from going underwater with your finances. Bankruptcy can be tough but successfully completing the process will allow you to emerge with a fresh financial slate.

Nebraska Means Test

Before you can file for bankruptcy in Nebraska, you must undergo a means test to determine if your meet the criteria to file for

When your debts become overwhelming, and you can no longer keep your head above water, bankruptcy may be your best option to keep from going underwater with your finances. Bankruptcy can be tough but successfully completing the process will allow you to emerge with a fresh financial slate.

Nebraska Means Test

Before you can file for bankruptcy in Nebraska, you must undergo a means test to determine if your meet the criteria to file for Chapter 7 or Chapter 13 bankruptcy for individuals or Chapter 11 for businesses. You are exempted from the means test if your debts are not consumer debts such as credit cards and car loans. Disabled veterans with debts that accumulated while you were on active duty or engage in defense of the U.S. and its citizens.

You will easily pass the means test if your monthly income is below the median income brackets listed below:

One Person Household – $41,866

Two Person Household – $59,564

Three Person Household – $61,380

Four Person Household – $73,402

Five Person Household – $81,502

You can file for Chapter 7 bankruptcy if your income is less than the amounts listed above for a family of your size.

Filing for Chapter 7 Bankruptcy in Nebraska

Chapter 7 bankruptcy is also referred to liquidation because the filer will have to sell off valuable property to pay their creditors. After your assets are liquidated, the remaining balances owed to creditors may be discharged, and your debts wiped clean.

Items that can be liquidated for Chapter 7 can include:

A second home not functioning as the filer’s primary residence

An automobile not used as a primary vehicle

Recreational vehicles

Stock market investments

Chapter 7 is a shorter bankruptcy process and can be completed in as little as a year, but your credit will take a big hit.

Filing for Chapter 13 Bankruptcy in Nebraska

If you decided to file for Chapter 13 bankruptcy, you must submit a repayment plan. Below are some questions you should ask yourself when devising a repayment plan:

How much money will you have left over after you pay your necessary monthly expenses?

How will you divide up your extra income to pay off creditors?

Which debts need to be paid first?

When you file for Chapter 13 bankruptcy, you have to show that the repayment plan was drafted in good faith and you must pay unsecured creditors the same amount as you would pay if you filed for Chapter 7 bankruptcy. Also, every bit of your disposable income must be paid into your plan for at least three years or up to five depending on your monthly income.

The amount you should pay towards your debts will be automatically deducted from your paychecks every month.

Bankruptcy Courts in Nebraska

If you need to file for bankruptcy in Nebraska, you may have to visit the court listed below:

US Bankruptcy Court

111 S 18th Plz # 1125,

Omaha, NE 68102

Set Up a Case Evaluation

If you need to know more about bankruptcy, USAttorneys recommends you contact a bankruptcy lawyer in Nebraska and make an appointment. We can connect you with an assertive and devoted lawyer so you can get a thorough understanding of the bankruptcy process.

for individuals or Chapter 11 for businesses. You are exempted from the means test if your debts are not consumer debts such as credit cards and car loans. Disabled veterans with debts that accumulated while you were on active duty or engage in defense of the U.S. and its citizens.

You will easily pass the means test if your monthly income is below the median income brackets listed below:

One Person Household – $41,866

Two Person Household – $59,564

Three Person Household – $61,380

Four Person Household – $73,402

Five Person Household – $81,502

You can file for Chapter 7 bankruptcy if your income is less than the amounts listed above for a family of your size.

Filing for Chapter 7 Bankruptcy in Nebraska

Chapter 7 bankruptcy is also referred to liquidation because the filer will have to sell off valuable property to pay their creditors. After your assets are liquidated, the remaining balances owed to creditors may be discharged, and your debts wiped clean.

Items that can be liquidated for Chapter 7 can include:

A second home not functioning as the filer’s primary residence

An automobile not used as a primary vehicle

Recreational vehicles

Stock market investments

Chapter 7 is a shorter bankruptcy process and can be completed in as little as a year, but your credit will take a big hit.

Filing for Chapter 13 Bankruptcy in Nebraska

If you decided to file for Chapter 13 bankruptcy, you must submit a repayment plan. Below are some questions you should ask yourself when devising a repayment plan:

How much money will you have left over after you pay your necessary monthly expenses?

How will you divide up your extra income to pay off creditors?

Which debts need to be paid first?

When you file for Chapter 13 bankruptcy, you have to show that the repayment plan was drafted in good faith and you must pay unsecured creditors the same amount as you would pay if you filed for Chapter 7 bankruptcy. Also, every bit of your disposable income must be paid into your plan for at least three years or up to five depending on your monthly income.

The amount you should pay towards your debts will be automatically deducted from your paychecks every month.

Bankruptcy Courts in Nebraska

If you need to file for bankruptcy in Nebraska, you may have to visit the court listed below:

US Bankruptcy Court

111 S 18th Plz # 1125,

Omaha, NE 68102

Set Up a Case Evaluation

If you need to know more about bankruptcy, USAttorneys recommends you contact a bankruptcy lawyer in Nebraska and make an appointment. We can connect you with an assertive and devoted lawyer so you can get a thorough understanding of the bankruptcy process.

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