Best Bankruptcy & Debt Lawyers in Lincoln

About Bankruptcy & Debt Law in Lincoln, United States

Bankruptcy & Debt law in Lincoln, United States, governs the legal process through which individuals or businesses can seek relief from overwhelming debts that they are unable to repay. It offers individuals and businesses a fresh start financially by eliminating or restructuring their debts. Bankruptcy law is complex and can vary by state, so it is essential to understand the specific laws that apply in Lincoln, Nebraska.

Why You May Need a Lawyer

There are several situations where individuals may need to seek legal help in Bankruptcy & Debt in Lincoln, United States. Some common reasons include:

• Filing for bankruptcy
• Negotiating with creditors
• Defending against debt collection lawsuits
• Understanding bankruptcy laws and procedures

Local Laws Overview

In Lincoln, Nebraska, individuals can file for bankruptcy under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 bankruptcy allows individuals to discharge most of their debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over time. It is essential to familiarize yourself with the specific laws and procedures in Lincoln when dealing with bankruptcy and debt.

Frequently Asked Questions

1. What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy involves liquidating assets to pay off debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over time.

2. Will filing for bankruptcy stop creditors from harassing me?

Yes, filing for bankruptcy will trigger an automatic stay, which will prevent creditors from contacting you or taking any further collection action.

3. Can I keep any of my assets if I file for bankruptcy?

Depending on the type of bankruptcy you file, you may be able to keep certain assets, such as your home or car, through exemptions provided by law.

4. How will bankruptcy affect my credit score?

Bankruptcy may negatively impact your credit score in the short term, but it is possible to rebuild your credit over time with responsible financial management.

5. Do I need a lawyer to file for bankruptcy?

While it is possible to file for bankruptcy without a lawyer, it is highly recommended to seek legal advice to ensure that the process goes smoothly and that your rights are protected.

6. Can I discharge all of my debts through bankruptcy?

Not all debts are dischargeable in bankruptcy, such as student loans, child support, and certain tax debts. It is essential to consult with a lawyer to understand which debts can be discharged in your case.

7. How long does the bankruptcy process take?

The length of the bankruptcy process can vary depending on the type of bankruptcy you file and the complexity of your case. In general, Chapter 7 bankruptcy cases typically take a few months, while Chapter 13 cases can last three to five years.

8. Will I have to go to court if I file for bankruptcy?

You will need to attend a meeting of creditors, also known as a 341 meeting, where you will be asked questions about your financial situation. In some cases, a court appearance may be necessary, but this is rare for individual filers.

9. Can I file for bankruptcy more than once?

Yes, you can file for bankruptcy more than once, but there are certain waiting periods between filings, depending on the type of bankruptcy you previously filed.

10. How much does it cost to file for bankruptcy?

The court filing fee for Chapter 7 bankruptcy is $335, and for Chapter 13 bankruptcy, it is $310. In addition to the filing fee, you may need to pay attorney fees if you choose to hire a lawyer.

Additional Resources

If you are in need of legal advice regarding Bankruptcy & Debt in Lincoln, United States, you may find the following resources helpful:

• Nebraska Bankruptcy Court: www.ned.uscourts.gov
• Nebraska State Bar Association: www.nebar.com
• Legal Aid of Nebraska: www.legalaidofnebraska.org

Next Steps

If you are facing overwhelming debt and considering bankruptcy as an option, it is crucial to seek legal advice from a qualified bankruptcy attorney in Lincoln, United States. An attorney can help you understand your options, navigate the bankruptcy process, and protect your rights throughout the proceedings. Take the first step towards a fresh financial start by contacting a bankruptcy lawyer today.