Let an Omaha bankruptcy lawyer handle the worry
A sponsoring Omaha bankruptcy lawyer of Total Bankruptcy may protect your interests and stop your creditors from taking your property. Through extensive hard work and experience helping other clients, a sponsoring Omaha bankruptcy lawyer should take the burden off your shoulders. Every sponsoring Omaha bankruptcy lawyer understands that no one wants to get into debt. They know that the vast majority of people who file are forced to do so because of divorce, job loss, enormous uninsured medical bills and other tragic, unforeseen events.
If you are wondering if filing would be a good option for you, the time to call our Omaha bankruptcy lawyer is now.
A sponsoring Nebraska bankruptcy lawyer will return your call to answer your questions and arrange for a meeting at your earliest convenience.
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Current bankruptcy laws may have serious effects on your chances to file under Chapter 7 or Chapter 13. The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 has been passed by Congress. Its provisions dramatically limit the right of many individuals to file. The laws most significant provisions include:
A strict financial means test that may prohibit many debtors from filing a liquidation bankruptcy under Chapter 7.
A requirement that all debtors must receive a briefing from an approved credit counseling agency at least six months before they may file their bankruptcy case.
A requirement that debtors take an approved class on debt management techniques before they receive their bankruptcy discharge.
A provision making it easier for a court to dismiss a case outright or to convert a Chapter 7 case to a Chapter 13 case.
A provision permitting a court to impose sanctions on attorneys, or even on debtors, for filing a Chapter 7 case that is dismissed or converted to a Chapter 13 case.
The means test may exclude many debtors from the protections of Chapter 7
Essentially, the means test provides that if your income is above a specified level, then you are not permitted to file your case under Chapter 7 and must instead use Chapter 13, which requires that you enter into a repayment plan rather than simply liquidating your debts.
Under the new test, the court should first determine whether, after the deduction of certain essential living expenses from your income, you may be able to afford to pay 25 percent of your non-priority unsecured debt - such as credit cards. Next, your income will be compared to your state's median income. You won't be allowed to file for Chapter 7 if your income is above your state's median income and you are able to afford to pay 25 percent of your unsecured debt. Even if your median income is below the state's median, but you may be able to pay 25 percent of your unsecured debt, the court may require you to file under Chapter 13 if it believes that you would abuse the system by filing for a Chapter 7.
Dial our toll-free number, 1 (877) 349-1309, or fill out our online case evaluation form.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.