If you’re considering filing bankruptcy in Omaha, NE, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Qualifying for bankruptcy in Omaha, Nebraska, or anywhere else in the United States involves meeting certain eligibility criteria and understanding the different types of bankruptcy available.

Chapter 7 Bankruptcy Qualifications in Omaha, NE:

Chapter 7 bankruptcy, often referred to as “liquidation” bankruptcy, is designed for individuals who are unable to pay their debts and need a fresh start. To qualify for Chapter 7 bankruptcy in Omaha, NE, you must meet specific eligibility requirements:

1. Means Test: The means test is a crucial aspect of Chapter 7 bankruptcy eligibility. It compares your household income to the median income for a household of your size in Nebraska. If your income falls below the median, you generally qualify for Chapter 7. However, if your income is above the median, you may still qualify by demonstrating that your disposable income, after accounting for allowed expenses, is insufficient to repay your debts.
2. Credit Counseling: Before filing for Chapter 7 bankruptcy, you must complete a credit counseling course from an approved agency. The certificate of completion is typically required to initiate the bankruptcy process.
3. Previous Bankruptcies: If you’ve previously filed for Chapter 7 bankruptcy and received a discharge, you may need to wait eight years from the date of your previous filing before you can file for Chapter 7 again.
4. Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA): BAPCPA introduced additional restrictions on Chapter 7 eligibility. For example, if it’s determined that you have the ability to pay a significant portion of your debts through a Chapter 13 repayment plan, you may be required to file for Chapter 13 instead.

Chapter 13 Bankruptcy Qualifications in Omaha, NE:

Chapter 13 bankruptcy, often called the “wage earner’s plan,” is designed for individuals with a steady income who want to restructure their debts and make manageable payments over a specified period. To qualify for Chapter 13 bankruptcy in Omaha, NE, you must meet the following criteria:

1. Steady Income: You must have a reliable source of income to propose a feasible repayment plan. This plan will typically last three to five years and should cover priority debts (e.g., mortgage arrears, tax debts) and a portion of unsecured debts (e.g., credit card debt).
2. Debt Limits: There are debt limits for Chapter 13 bankruptcy. These limits are adjusted periodically for inflation.
3. Credit Counseling: Like Chapter 7, you must complete a credit counseling course before filing for Chapter 13 bankruptcy.
4. Prior Bankruptcies: If you previously filed for Chapter 13 bankruptcy and want to file again, you may need to wait two years from the date of your previous Chapter 13 discharge or four years from the date of your previous Chapter 7 discharge.

Other Considerations:

It’s important to note that bankruptcy eligibility requirements can change, and specific circumstances may impact your case. Consulting with a qualified bankruptcy attorney in Omaha, NE, is highly recommended. They can assess your unique situation, help you understand your options, and guide you through the bankruptcy process.

Qualifying for bankruptcy in Omaha, NE, involves meeting specific eligibility criteria, completing credit counseling, and understanding the differences between Chapter 7 and Chapter 13 bankruptcy. Consult with an experienced bankruptcy attorney to determine the best course of action based on your financial circumstances.

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Do You Need a Lawyer to File For Bankruptcy in Omaha, NE?

Filing for bankruptcy in Omaha, Nebraska, is a complex legal process with significant implications for your financial future. While it is possible to file for bankruptcy without an attorney, hiring a qualified bankruptcy attorney is highly advisable and can greatly improve your chances of a successful outcome.

1. Understanding the Complex Bankruptcy Laws:

Bankruptcy laws in the United States, including those in Nebraska, are intricate and subject to frequent changes. Attempting to navigate these laws on your own can be challenging and fraught with pitfalls. Bankruptcy attorneys have in-depth knowledge of the legal requirements and can guide you through the process efficiently.

2. Accurate Assessment of Your Financial Situation:

A bankruptcy attorney will help you evaluate your financial circumstances to determine whether bankruptcy is the best option for you. They can assess your eligibility for Chapter 7 or Chapter 13 bankruptcy and provide expert advice on which one is more suitable for your needs. This assessment is crucial as filing for bankruptcy is a significant decision that should not be taken lightly.

3. Avoid Costly Mistakes:

Bankruptcy paperwork is detailed and must be completed accurately and honestly. Making errors or omissions in your bankruptcy documents can lead to serious consequences, including the dismissal of your case or accusations of bankruptcy fraud. An attorney can ensure that all necessary paperwork is filed correctly, reducing the risk of complications.

4. Protection from Creditor Harassment:

Once you hire a bankruptcy attorney in Omaha, they can communicate with your creditors on your behalf, putting an end to the harassing phone calls, letters, and collection efforts. This can provide you with much-needed relief and allow you to focus on the bankruptcy process.

5. Development of a Strong Bankruptcy Plan:

Bankruptcy attorneys have the expertise to craft a comprehensive bankruptcy plan that addresses your specific financial situation. For Chapter 13 cases, they can create a repayment plan that meets the approval of the bankruptcy court. In Chapter 7 cases, they can help you protect as many of your assets as possible within the bounds of the law.

6. Representation in Court:

Bankruptcy proceedings often involve court appearances and meetings with creditors. Having an attorney represent you in court can be invaluable, especially if there are disputes or objections raised during the bankruptcy process. Your attorney will protect your rights and interests in these proceedings.

7. Maximizing Debt Discharge:

A skilled bankruptcy attorney knows the strategies to maximize the discharge of your debts. They can identify which debts are dischargeable and which may not be, and they can help you make informed decisions about how to handle secured debts like mortgages and car loans.

8. Post-Bankruptcy Guidance:

Even after your bankruptcy case is resolved, you may have questions and concerns about rebuilding your credit and managing your finances. Bankruptcy attorneys can provide valuable post-bankruptcy counseling and guidance to help you get back on track financially.

While it is technically possible to file for bankruptcy without an attorney, the risks and complexities involved make it a decision that should not be taken lightly. Hiring a bankruptcy attorney in Omaha, NE, is a wise investment in your financial future, as it can help ensure that your bankruptcy case proceeds smoothly and that you receive the best possible outcome based on your unique circumstances.

Cost to File Chapter 7 Bankruptcy in Omaha, NE

The cost to file Chapter 7 bankruptcy in Omaha, Nebraska, consists of various fees and expenses that you’ll need to pay to initiate and complete the bankruptcy process. These costs can be broken down into several categories:

1. Filing Fee: The primary cost associated with filing Chapter 7 bankruptcy is the filing fee. It’s essential to note that these fees can change over time, so it’s advisable to check the most current fee schedule on the official website of the U.S. Bankruptcy Court for the District of Nebraska.
2. Credit Counseling and Debtor Education Courses: Before and after filing for Chapter 7 bankruptcy, you are required to complete credit counseling and debtor education courses from approved agencies. These courses usually come with fees that can vary but typically range from $30 to $58 per course. Some agencies may offer reduced fees or fee waivers for individuals with low income.
3. Attorney Fees: If you choose to hire a bankruptcy attorney in Omaha, NE, which is highly recommended, you will need to pay attorney fees. The cost of legal representation can vary depending on the complexity of your case, the attorney’s experience, and other factors. It’s essential to discuss fees upfront with your attorney and understand what services are included.
4. Credit Report and Miscellaneous Costs: You may need to obtain a current copy of your credit report to provide accurate information in your bankruptcy petition. Additionally, there may be other miscellaneous expenses, such as notary fees or postage costs, associated with filing your bankruptcy paperwork.
5. Mandatory Financial Management Course: After filing for Chapter 7 bankruptcy, you must complete a mandatory financial management course from an approved agency. This course typically costs around $60 to $120.
6. Other Potential Costs: Depending on your specific circumstances, there may be additional costs associated with your Chapter 7 bankruptcy. For example, if you have valuable assets that are not exempt from bankruptcy, you may incur costs related to their appraisal or valuation.

While the cost of filing Chapter 7 bankruptcy in Omaha, NE, can add up, it’s important to weigh these expenses against the potential benefits of obtaining a fresh start and discharging your eligible debts. Bankruptcy can be a valuable tool for individuals struggling with overwhelming debt, and many people find that the relief it provides outweighs the associated costs. However, it’s essential to consult with a qualified bankruptcy attorney to assess your specific situation, understand the fees involved, and make an informed decision about whether Chapter 7 bankruptcy is the right option for you.

Cost to File Chapter 11 Bankruptcy in Omaha, NE

The cost to file Chapter 11 bankruptcy in Omaha, Nebraska, can be significantly higher than filing for Chapter 7 or Chapter 13 bankruptcy due to the complexity and scale of Chapter 11 cases. Chapter 11 bankruptcy is primarily designed for businesses and individuals with substantial assets and debts, allowing them to reorganize their finances while continuing their operations. The costs associated with a Chapter 11 bankruptcy can vary widely depending on the specific circumstances of the case. Here’s an overview of the main expenses involved:

1. Filing Fee: The filing fee for a Chapter 11 bankruptcy case can be substantial. However, it’s essential to verify the current fee amount on the official website of the U.S. Bankruptcy Court for the District of Nebraska, as these fees can change over time.
2. Attorney Fees: Given the complexity of Chapter 11 cases, hiring an experienced bankruptcy attorney is almost mandatory. Attorney fees for Chapter 11 bankruptcy are generally much higher than those for Chapter 7 or Chapter 13. The fees will depend on the complexity of your case, the size of your business, and the legal services required. Attorneys often charge hourly rates or flat fees for Chapter 11 representation, and these fees can vary widely but may range from tens of thousands to hundreds of thousands of dollars.
3. Credit Counseling and Debtor Education Courses: Just like in other bankruptcy chapters, you’ll be required to complete credit counseling and debtor education courses. The costs for these courses can range from $35 to $70 each.
4. Fees for Professionals: In many Chapter 11 cases, additional professionals such as financial advisors, accountants, and appraisers are needed to assist with the reorganization process. These professionals charge their own fees, and the costs can add up significantly.
5. Court Costs and Administrative Expenses: Chapter 11 cases involve ongoing court costs and administrative expenses, such as fees for filing motions, objections, and other legal documents. These costs can vary depending on the complexity and duration of the case.
6. U.S. Trustee Fees: In Chapter 11 cases, the U.S. Trustee may assess quarterly fees based on the debtor’s disbursements and income. These fees are meant to cover the administrative costs of overseeing the case.
7. Creditors’ Committee Fees: In some cases, a creditors’ committee may be formed to represent the interests of creditors. The fees associated with the creditors’ committee’s activities can also become part of the bankruptcy estate’s expenses.
8. Plan Confirmation Costs: Successfully confirming a Chapter 11 reorganization plan often involves additional legal and administrative expenses.

Given the substantial costs involved in a Chapter 11 bankruptcy, it’s essential to have a comprehensive understanding of your financial situation and whether Chapter 11 is the best option for your circumstances. Consulting with an experienced bankruptcy attorney who specializes in Chapter 11 cases is crucial. They can help you assess the feasibility of your reorganization plan, navigate the legal complexities, and provide guidance on managing the costs associated with Chapter 11 bankruptcy.

Cost to File Chapter 13 Bankruptcy in Omaha, NE

The cost to file Chapter 13 bankruptcy in Omaha, Nebraska, involves various fees and expenses that you’ll need to cover when initiating the bankruptcy process. Chapter 13 bankruptcy is often referred to as the “wage earner’s plan” because it allows individuals with a steady income to restructure their debts and create a repayment plan. Here’s an overview of the main expenses associated with filing for Chapter 13 bankruptcy:

1. Filing Fee: The primary cost associated with filing for Chapter 13 bankruptcy is the filing fee. These fees can change over time, so it’s essential to verify the current fee on the official website of the U.S. Bankruptcy Court for the District of Nebraska.
2. Credit Counseling and Debtor Education Courses: Before and after filing for Chapter 13 bankruptcy, you are required to complete credit counseling and debtor education courses from approved agencies. These courses typically come with fees, which can vary but usually range from $26 to $57 per course. Some agencies may offer reduced fees or fee waivers for individuals with low income.
3. Attorney Fees: Hiring a bankruptcy attorney in Omaha, NE, is highly recommended when filing for Chapter 13 bankruptcy. Attorney fees can vary depending on the complexity of your case, your location, and the services provided. It’s crucial to discuss fees with your attorney upfront and understand what services are included.
4. Chapter 13 Trustee’s Fee: In Chapter 13 bankruptcy, a trustee is appointed to oversee your case and distribute payments to your creditors according to your approved repayment plan. The trustee’s fee is typically included in your monthly plan payments, and it is a percentage of the total payments made through the plan.
5. Mandatory Financial Management Course: After filing for Chapter 13 bankruptcy, you must complete a mandatory financial management course from an approved agency. This course typically costs around $58 to $117.
6. Other Potential Costs: Depending on your specific circumstances, there may be additional costs associated with your Chapter 13 bankruptcy. For example, you might need to pay for credit reports, appraisals, or other services related to your case.

While the costs associated with Chapter 13 bankruptcy can add up, this form of bankruptcy provides a structured way to repay your debts over a three- to five-year period, potentially allowing you to retain valuable assets like your home or car. Consulting with a qualified bankruptcy attorney is essential to navigate the process effectively, understand the expenses involved, and make informed decisions about whether Chapter 13 bankruptcy is the right solution for your financial situation.

Reliable Bankruptcy Attorneys in Omaha, NE

Below is a list of reputable bankruptcy attorneys in Omaha, NE. They can help you with both personal and business bankruptcy information.

Skrupa Law Bankruptcy Attorney
1850 S 72nd St, Omaha, NE 68124, United States

Burke Smith Law
2111 S 67th St #300, Omaha, NE 68106, United States

Sam Turco Law Offices
3006 S 87th St, Omaha, NE 68124, United States

John T. Turco & Associates, PC, LLO
2580 S 90th St, Omaha, NE 68124, United States

Steffens Law Office, P.C.
1299 Farnam St Suite 319, Omaha, NE 68102, United States

Omaha, NE Zip Codes We Proudly Serve:

68007, 68010, 68022, 68102, 68104, 68105, 68106, 68107, 68108, 68110, 68111, 68112, 68114, 68116, 68117, 68118, 68122, 68124, 68127, 68130, 68131

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