Nebraska Bankruptcy Lawyers
Contact a Nebraska bankruptcy attorney.
A bankruptcy attorney familiar with Nebraska bankruptcy exemptions can help assess your needs and help you determine the best next steps for you.
Whether you're considering bankruptcy relief to eliminate piling credit card or medical debt, or as a way to fight home foreclosure, a local bankruptcy lawyer can be your guide.
Just take a moment to fill out the free evaluation form below or call 877-833-2410, and you'll be on your way to a no-obligation consultation with a local bankruptcy lawyer.
Nebraska Bankruptcy Laws
Bankruptcy laws give Nebraskans seeking relief from debt two main options: Chapter 7 and Chapter 13 personal bankruptcy. Each chapter has certain advantages that can help in different situations.
Chapter 7 bankruptcy is typically used by those with:
- Debt from credit cards, medical bills or personal loans
- No or little regular income
- Few valuable assets that could be seized by creditors
Chapter 13 bankruptcy is typically used by those with:
- Debt from a home mortgage or auto loans
- A regular source of income to repay creditors
- A home or other asset that could be seized by creditors
Filing Chapter 7 bankruptcy is typically a quick process, which ends with debts being forgiven by the bankruptcy court. The bankruptcy court may take certain valuable assets to repay creditors, but Nebraska laws allow for protections from sale. These exemptions include:
- Homestead: Family residence up to $60,000 not to exceed 160 acres
- Wages: 85% of wages for head of household; 75% of wages for others
- Automobile: Up to $2,400 for any vehicle used in or to commute to your work
- Up to $2,500 for any personal property
- Up to $1,500 for any household possessions
- Up to $2,400 for any tools of the trade
- 100% of all professionally prescribed health aids
Chapter 13 bankruptcy results in a structured, affordable repayment plan, which lasts three to five years. Secured debts like mortgage debt are given priority, and other debts may be significantly decreased or eliminated, based on what you can afford.
Both bankruptcy chapter come with the protection of the automatic stay, a powerful court order that prevents collection efforts by creditors. The automatic stay can halt foreclosure and stop creditor lawsuits, as well as silencing phone calls, for the duration of your case.
Get Help from a Nebraska Bankruptcy Attorney
Questions about filing bankruptcy in Nebraska? Ask an attorney near you which chapter is right for you. Simply fill out our free online bankruptcy case review form or call 877-833-2410 to arrange a free, no-obligation bankruptcy consultation.
Nebraska bankruptcy laws may have changed since our last update. For
the latest information on your state's bankruptcy laws, speak to a local
Nebraska bankruptcy lawyer.