How to File for Nebraska Bankruptcy

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  • Bankruptcy is simply a way for people in financial trouble to start over and get the fresh start they've been looking for. If you are planning on filing for bankruptcy in Nebraska, think of it as the best way to get a clean slate to start over with. It was designed to help, so there's no need to view it in a negative light. This page shows you How to File for Nebraska Bankruptcy.

  • Disclaimer

    The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

  • Introduction

    Your Nebraska bankruptcy filing will take place in federal court since bankruptcy falls under the domain of federal law in all 50 states. That said, state law still has a role to play with respect to certain parts of the proceedings. For example, it may determine which assets you can keep and where the maximum dollar value of those assets is set.

  • What is Chapter 7 Bankruptcy?

    Chapter 7 bankruptcy is a legal process intended to liberate an individual from their unsecured debt obligations. However, you will still be responsible for your secured debt, including car payments or a mortgage. It is known also as straight or liquidation bankruptcy. Many people become worried about what they've heard about chapter 7 filings due to talk of asset liquidation, but forced sales can be almost completely avoided if you can simply pass a means test. Also, don't forget that a Chapter 13 bankruptcy restructuring is still a viable option if you decide a Chapter 7 bankruptcy isn't quite what you're looking for.

  • The Chapter 7 Income Test

    To pass the Chapter 7 Bankruptcy means test, you'll need to prove that your household income is lower than than the state median in Nebraska. This median varies depending on the size of your family and is released by the Census Bureau. The following maximum incomes apply in cases filed after March 15, 2009http://research.lawyers.com/Nebraska/Bankruptcy-in-Nebraska.html:

    1. Single individual: $37,803
    2. Two person family: $53,453
    3. Three person family: $62,814
    4. Four person family: $72,179
    5. Five+ person family: $72,179 plus $6,900 for each extra individual over four

  • Chapter 7 Exemptions for Nebraska

    Once you're sure that you'll qualify to file a Chapter 7 Bankruptcy, it's extremely important that you consult with a bankruptcy attorney so they can go over with you all of the exemptions you have a right to claim. Though they are familiar with the entire process and will explain all the exemptions in detail, here are a just a few that are allowable in the state of Nebraska:http://research.lawyers.com/Nebraska/Bankruptcy-in-Nebraska.html

    1. Homestead to $60,000 but not exceeding 160 acres
    2. Homestead proceeds of sale for six months
    3. Tools of trade to $2,400
    4. 75% of weekly disposable earnings
    5. Immediate personal possessions
    6. Household goods and furnishings to $1,500
    7. Personal property to $2,500, except wages, in lieu of homestead
    8. Provisions and fuel for six months
    9. All clothing
    10. Pensions of disabled soldiers, sailors and marines as well as property purchased with the pension money to $2,000
    11. Unemployment compensation

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