In today’s volatile economy, you may find yourself in a difficult financial situation. Runaway debt caused by various circumstances, from job loss to an expensive divorce, can lead to insolvency. You may become the target of creditor harassment, be threatened with legal action, face increasing credit card penalties or interest rate hikes, and more. All of this can become overwhelmingly stressful; you may wonder where to turn for real debt relief.
Fortunately, help is available from experienced bankruptcy law firms. At Island Law Office, PC, LLO, we assist local Nebraskans with everything from filing a Chapter 7 petition to representing you in court. Our team can make the process easier by providing seasoned guidance every step of the way. With knowledge of both federal and state-specific laws, we can be your best ally in this critical matter.
Chapter 7 Bankruptcy in Nebraska
Chapter 7 bankruptcy is a legal form of debt relief established by law with the stated purpose of giving honest debtors a fresh start. It is the simplest, easiest, and most common form of bankruptcy in the U.S. It allows you to partially or wholly discharge your unsecured debt, such as credit card balances, medical bills, and past-due utility bills.
Known as “liquidation” bankruptcy. It starts by filing a petition with the Bankruptcy Court that describes your assets and liabilities. When the petition is approved, a court-appointed trustee will take control of any property that is subject to liquidation (known as non-exempt) and use it to pay off your creditors.
In many cases, much or all your personal property may be “exempt” from liquidation through state or federal exemption law. Exempt property can include:
- Equity in your home and car
- Your furniture and household goods
- Your possessions
- Health aids
- Tools of the trade
- Insurance benefits
- And more
Once the liquidation process is complete, whatever unsecured debt balances remain are discharged by the Court. Through Chapter 7, most unsecured debt can be eliminated or reduced significantly if all the criteria for bankruptcy qualification have been met.
How We Can Help
When facing debt overload, you may need to consider filing for Chapter 7. Filing for bankruptcy is an important decision and can have serious consequences if mismanaged. The best way to make an informed decision about your financial dilemma involves consulting with a knowledgeable bankruptcy attorney.
At our firm, we can explain the benefits and drawbacks involved in Chapter 7, walk you through the process, and provide invaluable guidance and advice. With our help, you can make the right decision that will best benefit you and your family’s future. Should bankruptcy be your best option, we can provide the competent representation needed to achieve optimum results.