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Bankruptcy in Nebraska

Who Can File Bankruptcy in Nebraska?

In order to file bankruptcy in Nebraska, you will need to meet three basic requirements.  The first is to have been a resident of or have owned real property in the state of Nebraska for at least 40 months prior to filing for bankruptcy.  The second is to take part in a court approved credit counseling course prior to filing for bankruptcy.  This requirement is designed to help people find alternatives to bankruptcy prior to filing for bankruptcy relief.  Finally, you must not have filed for bankruptcy in any court within the last six years.  The law only allows you to file bankruptcy once ever six years.  This governs all bankruptcy proceedings no matter what jurisdiction they took place in.

What Do I Need To Know Before Filing For Bankruptcy in Nebraska?

A bankruptcy proceeding can be quite complex.  There are a variety of different laws and regulations which will govern the results of each bankruptcy proceeding however, many of these laws are subject to choices that you make during your case.  For instance, you will have the choice between federal property exemption laws and Nebraska property exemption laws.  The choice that you make will have a drastic effect upon the outcome of your case.  This is why it is recommended that you consult with a bankruptcy attorney before moving forward with your case.

What Type of Debts Can Be Discharged As Part of a Bankruptcy Proceeding in Nebraska?

Only a portion of your debts can be discharged as part of a bankruptcy proceeding in Nebraska.  If you are filing for Chapter 7 bankruptcy, nearly all of your unsecured debts will be eligible for discharge.  If you are filing for Chapter 13 bankruptcy, your debts will not be eligible for discharge.

In order for a debt to be discharged as part of a Chapter 7 bankruptcy proceeding, the debt will need to be unsecured.  This means that the debt is not secured by the use of collateral such as a house or car.  If the debt is in fact secured by collateral, there is no way to have it discharged as part of your bankruptcy proceeding.

Will I lose my house and car if I file for bankruptcy in Nebraska?

As long as your home or vehicle does not exceed the values allowed by Nebraska property exemption laws, you will not lose these items as part of your bankruptcy settlement.  In order to determine whether or not your home and vehicle are within these legal values, please refer to the following property exemption laws in the State of Nebraska.

-Homestead of up to $12,500 in equity in your home

-Up to $2,500 in any personal property of your choice

-100% of all household items and apparel

-$2,500 in books, supplies, tools, or materials of your trade

-100% of all interest in prescribed health aides

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