Some people do not qualify to file Chapter 7 bankruptcy in Omaha or Lincoln Nebraska, but qualify for Chapter 13 bankruptcy in Omaha or Lincoln Nebraska instead. Chapter 13 is a form of Nebraska debt relief and a type of Lincoln and Omaha bankruptcy that involves debt consolidation. It is reserved for people who have enough disposable future income to pay some of their debts back. In the case of Chapter 13 bankruptcy, your “disposable income” will be paid in one lump sum to cover your debts over the next three to five years. After that period of time, no matter how much of your debts you’ve actually paid, your debts are wiped clean.

Our attorneys  and the team at Skrupa Law Office are extremely effective at getting all sorts of daily expenses classified as “non-disposable” income, meaning you won’t have to give them up as part of a bankruptcy agreement. This can help tremendously with Omaha debt relief and Lincoln debt relief. Sometimes people who owe $50,000 in house payments and face foreclosure in Nebraska only end up paying $7000 over three years, at which point they get a fresh new start. Sometimes people who have debt defaults on car payments in Nebraska only have to pay blue book value of their car, not what they actually owe.

The important thing to remember is that filing for bankruptcy immediately stops all creditor harassment, creditor phone calls, lawsuits and wage garnishments. Very few people have to give up their possessions as a result of bankruptcy. Bankruptcy can STOP repossessions from happening!

One of the primary benefits of filing for Chapter 13 bankruptcy in Omaha and Lincoln is that it can help individuals avoid foreclosure. When individuals file for Chapter 13 bankruptcy, they are able to create a repayment plan that is approved by the court. This plan allows individuals to make payments on their mortgage over a period of three to five years. During this time, creditors are not allowed to pursue foreclosure proceedings.

Another benefit of filing for Chapter 13 bankruptcy in Omaha and Lincoln is that it can help individuals reduce their debt. When individuals file for Chapter 13 bankruptcy, they are able to negotiate with their creditors to reduce the amount of debt they owe. This can help individuals reduce their monthly payments and make it easier to pay off their debts.

Fnally, filing for Chapter 13 bankruptcy in Omaha and Lincoln can help individuals protect their assets. When individuals file for Chapter 13 bankruptcy, their assets are protected from creditors. This means that creditors cannot take any of the individual’s assets to pay off their debts. This can help individuals keep their homes, cars, and other valuable assets.