Nebraska Bankruptcy Lawyer

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Nearly 8,000 bankruptcy filings occur each year as businesses and individuals regularly find themselves in impossible financial situations. In Nebraska as well as the entire United States, bankruptcy is a common occurrence. For some, bankruptcy protection may be the answer these individuals or businesses are looking for to get debt relief – but is it the best answer?

Bankruptcy can be defined as the legal inability to pay debts, or being in the state of having been legally declared bankrupt. Obtaining bankruptcy protection can be a grueling process and because such laws can be complicated, due to the various types of bankruptcy, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case. This is especially important if you own your own business and have assets you want to protect.

Making the decision to file for bankruptcy can be a life altering decision. It is crucial that you completely research the bankruptcy process, including the alternatives for bankruptcy before you make the decision to proceed with this process. However, if you do decide that bankruptcy is the option for you, it could be the first step on the road to financial recovery. By spending time thoroughly researching the bankruptcy laws in your state, you can ensure that your path to recovery will be a smooth one. Hiring a Nebraska bankruptcy lawyer can further extend your research on this subject and provide you with vital information.

A Nebraska bankruptcy lawyer or attorney will be well-versed in Nebraska bankruptcy laws including statutes, codes, and exemption laws, and they will discuss the different types of bankruptcy with you in order to advise you on the best selection. The most common types include Chapter 7, Chapter 11, and Chapter 13. The less common types are Chapter 9, Chapter 12, and Chapter 15.

Recent changes to the bankruptcy laws make it more difficult for middle class Americans to completely discharge debt. The types of debts that are eligible for discharge may vary in Nebraska. You cannot discharge student loans unless they were not insured or taken under a government guarantee program. There are exceptions for cases of extreme hardship, but it is hard to achieve this kind of exemption.

Once a Nebraska bankruptcy lawyer or attorney has explained your options, they will guide you through the course of actions. In some situations, the individual or business will go before a Nebraska judge and negotiate a payment plan or receive partial or full discharge of their debt.

If you file for bankruptcy in the state of Nebraska, your debts will be discharged, but your credit will be affected for up to ten years. A bankruptcy lawyer or attorney will explain the risks to you as well as offer other possible alternatives to bankruptcy. Keep in mind that a bankruptcy lawyer or attorney has extensive knowledge about debt management.

In Nebraska, there were 5,148 bankruptcy filings in 2007, of those filings, 70% were Chapter 7 and 30% were Chapter 13. These statistics have the ability to increase as the current economic situation worsens and people will seek more counsel regarding how to fix their financial dilemma. If you are ready to contact a Nebraska bankruptcy lawyer or attorney to explore your options for debt relief, visit the American Bar Association ( ABA ) website. The ABA features a lawyer locater, which allows the user to search bankruptcy lawyer profiles in Nebraska for at no charge.

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