Experienced Bankruptcy Lawyer in Omaha Nebraska

Seasoned Attorney in Omaha Guides You Through Bankruptcy

If you do not see any end in sight of financial struggles, you might be ready to declare bankruptcy. The federal bankruptcy system provides debt relief to consumers who are not in a position to pay off all their debts. An experienced Omaha bankruptcy lawyer from McGuire Law Offices can help guide you through the complex bankruptcy system and provide personalized legal advice based on your particular situation.

Options for Bankruptcy Relief

If you are considering bankruptcy in Omaha, Nebraska, we can discuss your options under:

Chapter 7 – Chapter 7 bankruptcy, or “liquidation” or “straight” bankruptcy, involves the liquidation of non-exempt assets to pay off some of your debt, which rarely happens. You can keep many of your assets, thanks to the state’s exemptions. Your remaining debts are
Chapter 13 – Chapter 13 bankruptcy or a “wage earner’s plan” reorganizes your existing debts into more manageable monthly payments that are based on your budget and what you can afford to pay back. A bankruptcy trustee oversees the repayment process. Any remaining debt is discharged after the conclusion of your three- to five-year repayment term.

Qualifying for Bankruptcy Relief

When you hire McGuire Law Offices, we can discuss your particular situation and which form of bankruptcy is best for you. Chapter 7 and 13 have different criteria for filing. For Chapter 7 bankruptcy, you must pass a means test by showing you have an income less than the median income for a household the same size as yours in Nebraska or that you do not have enough disposable income to repay your debts.

The criteria to qualify for Chapter 13 bankruptcy include:

If you do not pass the means test in one of the two ways described above, you may qualify for chapter 13 bankruptcy if you have sufficient income to make monthly payments and your debt does not exceed certain debt limits established by law.

To qualify for Chapter 13 bankruptcy, you must meet the following eligibility guidelines:

You earn a regular income.
You have less than the maximum debt allowed under federal bankruptcy laws.
You are current on your tax returns.

Benefits of Bankruptcy

Bankruptcy under either chapter can provide important benefits such as:

An automatic stay – An automatic stay prohibits creditors from taking further collection efforts, such as garnishing your wages, collection letters and phone calls, enforcing a judgment, repossessing your vehicle, or foreclosing on your home. Once you file bankruptcy, this court order is issued and the creditors can no longer contact you.
Exemptions – Only non-exempt assets are liquidated in Chapter 7. The expansive exemptions under state law allow you to keep much of your property, including part or all of the equity in your home, a vehicle, furniture, household goods, health aids, clothing, and other personal property. You might also be able to protect your income, retirement accounts, and life insurance accounts.
Discharge of debts – Bankruptcy can discharge many unsecured debt, including credit card debt, medical bills, and personal loans. Chapter 13 bankruptcy might allow you to discharge other debts, including certain tax debts and divorce property settlements.

Contact an Experienced Omaha Nebraska Bankruptcy Lawyer for Help

An experienced Omaha Nebraska bankruptcy lawyer can help you with all aspects of your bankruptcy filing, including determining which chapter is the most appropriate to file under. Since 2012, McGuire Law Offices has helped hard-working people like you secure debt relief our laws provide for. Contact us today to learn more about your options.

Get A Free Bankruptcy Evaluation Today

Call (402) 965-0775 or (308) 221-8222 or click here to submit a consultation request form now.

Get Help Now

Omaha Office

Office Hours

Sunday: Closed
Monday: 8:30 AM – 6:00 PM
Tuesday: 8:30 AM – 6:00 PM
Wednesday: 8:30 AM – 6:00 PM
Thursday: 8:30 AM – 6:00 PM
Friday: 8:30 AM – 6:00 PM
Saturday: Closed