It is common for people with a steady income to think they are not eligible to file bankruptcy. Many Nebraska residents, with a good income but excessive debt, are able to gain financial freedom through a Chapter 13 Bankruptcy. This process helps you to get out of debt, typically for an amount substantially less than if you paid your creditors directly. If you feel you can’t make progress against your debt or you are behind on your mortgage and are threatened with foreclosure, then contact our Omaha bankruptcy lawyers today.
Omaha lawyers providing financial freedom to Nebraska residents through the chapter thirteen bankruptcy process
The chapter 13 bankruptcy process can be used by individuals or married couples who are unable to file for chapter seven, either because their income is greater than the average filer and they do not pass the bankruptcy means test or they filed chapter 7 less than eight years before. The benefits of chapter thirteen are substantial; none of your assets are at risk of being claimed and/or sold as they could be in a chapter 7. Instead, you keep your property and enter into a payment plan that fits your budget; typically the payments are substantially less than if you simply tried to “pay your way out of debt.” Hiring an attorney who understands how to maximize your exemptions and craft a payment plan that allows you to keep your assets and discharge or remove a substantial portion of your unsecured debt can improve your ability to obtain financial freedom.
A chapter 13 bankruptcy occurs in multiple steps. First a Bankruptcy Petition is filed with the Court. Approximately 30 days later you meet with the trustee at the Meeting of Creditors. Typically, after the hearing, your payment plan is confirmed and you make payments for 3 to 5 years, depending on the terms of the plan. Once your payments are completed your debts will be completely discharged.
Our Omaha bankruptcy lawyers work hard to make chapter 13 repayment plans as economical as possible. Hiring our firm means your case and plan will be drafted by one of our lawyers and you will be meeting with attorneys rather than paralegals.
Omaha lawyers ensuring that Nebraska residents receive all possible benefits provided by the chapter 13 bankruptcy process
There are many benefits of the chapter 13 bankruptcy process. As mentioned above, your property is never at risk. Additionally, your retirement accounts (such as an IRA or 401k) are protected and cannot be claimed by your creditors or the trustee. As an added bonus, if your home has multiple mortgages then it may be possible to “strip” the extra mortgages away and eliminate them, depending on the value of your home and the amount of the mortgage.