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Filing Bankruptcy in Nebraska

Bankruptcy lawyers and their professional fees - Are bankruptcy filings under Nebraska bankruptcy laws cost effective?

If the debtor filing for bankruptcy avails the services of an experienced Nebraska bankruptcy attorney, it becomes possible to save money through the exemptions available within the bankruptcy statute. Appointing experienced bankruptcy attorneys means you get immediate help, have all your questions answered on time, have your documents properly filled out in the correct manner, and process your bankruptcy petition in an organized and planned manner. Nebraska bankruptcy lawyers do charge fees which might seem to be a bit high, however if you look at it from a practical point of view, you end up availing significant debt relief through the bankruptcy proceedings, which might prove to be more important and financially more beneficial in the long run. Nebraska bankruptcy law offers two main types of bankruptcies which majority of the debtors apply for - Nebraska Chapter 7 bankruptcy and Nebraska Chapter 13 bankruptcy. Both the types of bankruptcies involve legal expenditure. So, while filing bankruptcy in Nebraska, you are going to incur some expenses - it’s not going to be free or highly affordable. The debtor needs to work out the cost effectiveness of the bankruptcy facility before committing to it. It’s suggested you contact your local bankruptcy lawyer and find out exactly how much your bankruptcy is going to cost you, and whether it’s going to be worth filing for bankruptcy in the first place.

State exemptions in Nebraska

Federal bankruptcy exemptions are not available in Nebraska.

Homestead

Up to $12,500. Cannot exceed more than two lots in the city or village, or up to 160 acres elsewhere. All sales proceeds exempted for 6 months after the sale. Homestead declaration necessary.

Wages

A minimum of 85% of all earned and unpaid wages. Pension payments for the head of family, and up to 75% for all other family members. The bankruptcy judge can authorize further concessions for low-income debtors.

Wild card

Up to $2500 of any personal properties, except the wages in lieu of the homestead.

Automobiles

Motor vehicles if used for commuting for work (as a part of $2,400 tools of the trade exemption).

Misc.

Property registered as a business partnership.

Nebraska bankruptcy lawyer

As per Nebraska bankruptcy laws, the debtor is entitled to present his or her own case on a personal basis - a formal or a legal counsel or representation is not mandatory. So theoretically, it’s possible to file your bankruptcy petition on your own. However, as Nebraska bankruptcy filings go, representing oneself in the bankruptcy court is not so easy. It’s required to arbitrate with the trustee appointed by the bankruptcy court, and work out your bankruptcy exemptions. It’s very difficult, since bankruptcy judges generally try for a maximum discharge of financial debts, and the debtor has to repeatedly explain the financial hardship suffered, and how it’s going to be very difficult to repay the creditors. Nebraska bankruptcy attorneys are used to this, and have their own ways of convincing the judges while availing exemption benefits. So it’s strongly recommended you consult your local bankruptcy lawyer, have consultations with him or her, and work out your bankruptcy procedure in an organized and cost effective way.

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