Experienced Bankruptcy Lawyer in Grand Island Nebraska
Skilled Attorney in Grand Island Helps You Obtain Bankruptcy Relief
If debt has become unmanageable, bankruptcy may provide much-needed relief. Understanding your legal rights under the federal bankruptcy system is essential to a successful outcome. An experienced Grand Island Nebraska lawyer can help. McGuire Law Offices was founded with a singular goal of helping good, hard-working people and families get a fresh start in life. We provide one-on-one attention and can carefully review your situation to determine the best path forward.
Options for Bankruptcy Relief
For most consumers in Grand Island, Nebraska, bankruptcy relief comes down to filing under one of these chapters:
- Chapter 7 – Chapter 7 bankruptcy is often referred to as “liquidation” or “straight” bankruptcy. The bankruptcy trustee liquidates non-exempt assets and uses proceeds to pay creditors (this rarely occurs). Any remaining eligible debts are discharged. Individuals, corporations, and partnerships can file under Chapter 7 bankruptcy.
- Chapter 13 – Chapter 13 bankruptcy or “wage earner’s plan” reorganizes debts. The debtor makes manageable payments to the bankruptcy trustee, who oversees the process. The amount of payments depend on your budget and what you can afford to pay back. After the term of your plan concludes, any remaining debts that were part of the bankruptcy are discharged.
Qualifying for Bankruptcy
Chapter 7 and 13 have different criteria for filing. For Chapter 7 bankruptcy, you must usually have an income less than the median income for a household the same size as yours in Nebraska. You can also qualify for Chapter 7 by showing that you do not have enough disposable income to repay your debts.
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.
Benefits of Bankruptcy
Bankruptcy can provide several important benefits including:
- You get an automatic stay – One of the most important benefits of filing bankruptcy is that you get an automatic stay. This is a special court order that instructs creditors not to take further collection efforts against you, such as repossessing your vehicle, foreclosing on your house, suing you, or contacting you for payments.
- You can keep most of your assets – Only non-exempt assets are liquidated in Chapter 7. The generous exemptions allow debtors to keep much of their property including part or all of the equity in their home, a vehicle, furniture, household goods, health aids, clothing, and other personal property. You may also be able to protect your income, retirement accounts, and life insurance accounts.
Your debt is discharged – Once your debt is discharged, you are no longer legally obligated to repay it. With a Chapter 7, your debt might be discharged within a few months. For a Chapter 13 bankruptcy, your debt is discharged after the repayment plan is completed.
How an Experienced Grand Island Nebraska Bankruptcy Attorney Can Help
A Grand Island Nebraska bankruptcy lawyer can guide you through the complex process of bankruptcy by:
- Determining if you pass the means test
- Evaluating all your options for debt relief
- Helping to gather information about your debts
- Applying applicable exemptions
- Reaffirming debts you want to keep, such as a car loan
- Advising you of your options for bankruptcy relief
- Handling communications with creditors and the bankruptcy trustee
- Representing you at court hearings
Contact an Experienced Grand Island Nebraska Bankruptcy Lawyer for Help
The decision to file for bankruptcy in Grand Island Nebraska is a big one. At McGuire Law Offices, we want to help you obtain the financial relief you need. We can review your situation and advise you of which type of bankruptcy is best for you. Contact us today to learn more about your options.
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Call (402) 965-0775 or (308) 221-8222 or click here to submit a consultation request form now.
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Grand Island Office
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2121 North Webb RD. Suite 303
Grand Island, NE 68803 - (308) 221-8222
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
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