Nebraska residents are often concerned over whether they will be able to keep the property they own after bankruptcy. They worry whether they will lose their home or their car. Omaha bankruptcy attorneys Burke Smith and Dana Ulrich will assist you with protecting your assets to the fullest extent possible while helping you achieve a new financial beginning. If you are in financial distress, but are concerned over whether you will keep your property in a bankruptcy, then contact our office today.
Omaha Bankruptcy Lawyers using exemptions to help Nebraska residents keep their property in a chapter 7 bankruptcy
It is common for people to think that they have to give up all their property during a chapter 7 bankruptcy. While a chapter 7 can involve a liquidation of your assets, you are allowed to keep all property which is fully covered by the state exemptions as authorized by the legislature, aka “bankruptcy exemptions.” If you drive your car to work and you have some equity in it, then you can utilize both the “tools of the trade” exemption as well as the “wild card” exemption. Furthermore, if you qualify as the head of your household, you will be able to keep $60,000 of equity in your home. These are just a few examples of how the process allows you to protect your property. People are often able to keep a larger portion of their assets than they thought possible.
If you, like most people, owe a substantial amount on your home or car, then the trustee cannot claim or liquidate that property, because the original creditor has a security interest in that property.
Our Omaha chapter seven bankruptcy lawyers will work diligently to identify all the exemptions which may be available to you and will work to maximize them on your behalf.
Chapter 13 bankruptcy lawyers helping residents of Omaha, Nebraska to protect their assets
There are many differences between Chapter 13 bankruptcy and chapter 7, but one of the more important is that in chapter 13 your property is never at risk of being liquidated. Instead, you will be put on a payment plan where your unsecured creditors for debts like credit cards, medical bills, past due utility bills, etc. receive an amount equal to your equity in any non-exempt assets. This is accomplished while typically discharging a substantial portion of your debt so you can achieve financial freedom.
Many people do not even schedule a consultation with a bankruptcy lawyer because they are concerned over losing their property. These same people, however, are often surprised to learn that the process provides viable options. If you feel like you simply cannot get ahead then it is important to remember that you have choices. Contact Burke Smith today to schedule your initial consultation.
Get out of debt now.Contact our office online or by telephone today at (402) 718-8865 to get your questions answered now.