Bankruptcy Law Firm Based in Lincoln, NE

Experienced Debt Relief Attorney Serving Clients in Omaha and Throughout Nebraska

Debt can quickly overwhelm your life, and it may seem like recovery is impossible. No matter your circumstances, you deserve relief, and options are available. 

Our team at Lentz Law, PC, LLO has been providing bankruptcy services in Lincoln, NE for over a decade. Our Lincoln bankruptcy attorney is familiar with all elements of the Bankruptcy Code and regularly help individuals, families, businesses, and farmers obtain clean slates. After carefully reviewing your financial situation, we will advise what type of bankruptcy is right for you and assist with every stage of your filing. You will work directly with our attorney throughout the process, and we will leverage our knowledge to pursue maximum relief.

Take the first step on the road to financial recovery by calling (402) 526-5540 or contacting us online. We offer free initial consultations and flexible payment plans.

How to File for Bankruptcy in Nebraska

Bankruptcy may seem intimidating, but we aim to make the process approachable and simple to understand. You may have the right to access powerful forms of relief under the Bankruptcy Code, and our goal is to help you take full advantage of those opportunities. 

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If you are considering filing for bankruptcy, you should:

  • Call John. Our accomplished attorney will sit down with you as part of your free case evaluation, and he will help you make an informed decision about whether bankruptcy is the right decision for you. We will break down how the process works in straightforward and explainable terms.
  • Provide Your Information. If you decide to move forward with filing for bankruptcy, we will need all relevant financial information. This typically includes the last 6 months of paystubs, the last 2 years of tax returns, and your last 3 bank statements. We will also send you a physical or digital questionnaire that you can fill out at your convenience.
  • Sign Paperwork. Once we have all of your information, we generally only need one or two days to prepare your bankruptcy filing. You will need to sign these documents to formally initiate the bankruptcy process.
  • Attend the Meeting of Creditors. Everyone who files for bankruptcy must appear at the meeting of creditors, which is also sometimes called the “341 Meeting.” This meeting involves the trustee assigned to your case asking questions about your filing. You will be under oath, but John will be with you to guide you through the process.

Our Practice Areas

There are several different types of bankruptcy. While each can potentially facilitate relief, you may not qualify for all of them, and others may not be appropriate for your situation. When we review your financial circumstances, we will determine which form of bankruptcy will best suit your needs.

When you file for Chapter 7, Chapter 11, Chapter 12, or Chapter 13 bankruptcy, you will immediately benefit from the automatic stay, a court order that halts collection actions. You will be temporarily protected from foreclosures, repossessions, wage garnishments, creditor lawsuits, and other collections efforts so long as the automatic stay remains in effect. In many cases, the automatic stay in place until your bankruptcy case is over.

Types of Bankruptcy

After completing the requirements of the bankruptcy type you file for, you will generally be allowed to discharge – or eliminate – any remaining unsecured debts. In other words, successfully completing your bankruptcy filing may allow you to eliminate credit card debt, medical debt, personal loans, and unpaid utility bills. While certain types of other debt cannot be directly eliminated, bankruptcy can still provide the relief and tools you need to catch up on payments and reorganize your finances.

Our bankruptcy services in Nebraska include comprehensive assistance with:

  • Chapter 7 Bankruptcy . This type of bankruptcy is commonly referred to as “liquidation.” When a business entity or individual files for Chapter 7, a trustee collects non-exempt and unencumbered assets and sells them to partially repay creditors. Many types of assets can be exempted and protected from liquidation, and many filers lose little or nothing at all. Following liquidation, any remaining unsecured debts can generally be discharged.
  • Chapter 11 Bankruptcy . Corporations, partnerships, and other business entities can use Chapter 11 bankruptcy to reorganize and avoid the liquidation process associated with Chapter 7 bankruptcy. Filers will generally retain control of their business and can continue normal operations while proposing a financial reorganization plan. Simplified Subchapter V filings are potentially available to small businesses. This type of bankruptcy may also be an option for individuals who have too much debt to file for Chapter 13.
  • Chapter 12 Bankruptcy . Individuals and businesses who engage in farming operations and meet other conditions may qualify for this type of bankruptcy. The process involves repaying certain debts through a payment plan that lasts between 3 and 5 years. Though similar in many ways to Chapter 13 bankruptcy, Chapter 12 is usually more beneficial to family farmers because it better accommodates the realities of a seasonal income.
  • Chapter 13 Bankruptcy . If you have a regular income and thus some means to partially compensate creditors, Chapter 13 bankruptcy may be the best choice for your situation. The principal goal of Chapter 13 is to provide you with an opportunity to keep your assets instead of having them liquidated. The process involves a repayment plan, tied to your current disposable income, that lasts between 3 and 5 years. You will typically repay some, but not all, of your creditors.
  • Foreclosure Avoidance . When people cannot make their mortgage payments as a result of financial difficulties, they risk losing their homes to foreclosure. Once you have defaulted on your home loan, your lender will file a deficiency notice and begin the foreclosure process. Filing for bankruptcy stops this process and can give you the resources you need to bring your mortgage current. You can take these steps to save your home until a trustee sale has occurred.
  • Stopping Wage Garnishments It is tough to survive or feed your family when someone is taking up to 25% of your paycheck away from you. Creditors can garnish your wages once they have obtained a judgment against you for owing a debt. Filing for bankruptcy stops all pending or ongoing wage garnishments, and it can also potentially allow you to recover some of your hard-earned money.

The Difference Between Chapter 7 and Chapter 13 Bankruptcy

If you are thinking about filing for bankruptcy, it's essential to be aware of the available alternatives. Chapter 7 permits the release of specific debts, offering a clean slate for both individuals and businesses. Conversely, Chapter 13 bankruptcy entails devising a repayment plan to settle debts over a designated period of time. Our proficient debt relief lawyer in Lincoln at Lentz Law, PC, LLO can evaluate your economic circumstances and assist in identifying the most suitable choice for you.

Key differences between Chapter 7 and Chapter 13 include the following:

  • Chapter 7: Typically for individuals with little to no disposable income, assets may be liquidated to pay off debts, and remaining eligible debts are discharged.
  • Chapter 13: Ideal for individuals with a regular income, a repayment plan is created to pay off debts over 3-5 years, allowing individuals to keep their assets.

Understanding the nuances of the different types of bankruptcy is essential to making an informed decision. Reach out to Lentz Law, PC, LLO to arrange your consultation and secure the experienced counsel you need to successfully navigate the bankruptcy process.

How Many Times Can You File for Bankruptcy in Nebraska? 

In Nebraska, individuals can file for bankruptcy under either Chapter 7 or Chapter 13 of the US Bankruptcy Code. Under both chapters, individuals may file for bankruptcy only once every 8 years.  Once a case has been discharged, an individual may not obtain a discharge in any other case unless at least 8 years have passed since the filing date of the prior case. If you filed for bankruptcy in the past and it was dismissed without a discharge, you may still need to wait 8 years before filing another case. It is highly recommended that you consult with a qualified bankruptcy lawyer in Nebraska before filing to ensure that all of the requirements are met and your rights are fully protected.

Commonly Asked Questions

What debts can be eliminated through bankruptcy?

Bankruptcy could potentially allow you to wipe out debts from credit cards, medical bills, personal loans, and unpaid utilities. While some other types of debt may not be directly dischargeable, bankruptcy can still offer relief and resources to help you get back on track with payments and restructure your financial situation.

How can filing for bankruptcy in Nebraska help stop wage garnishments?

Filing for bankruptcy in Nebraska can immediately halt any pending or ongoing wage garnishments. This legal action prevents creditors from taking a portion of your paycheck, which can be up to 25%. Additionally, bankruptcy may enable you to recover some of the wages that were previously garnished, providing significant financial relief and protection for you and your family.

Can bankruptcy in Nebraska assist with avoiding foreclosure on my home?

Yes, filing for bankruptcy in Nebraska can be a strategic move to avoid foreclosure. Once you file for bankruptcy, an automatic stay goes into effect, which stops the foreclosure process. This gives you time to reorganize your finances and potentially bring your mortgage payments up to date, thereby saving your home from being foreclosed upon.

Learn more about our bankruptcy services in Lincoln, Omaha, and throughout Nebraska by calling or contacting us online . We are available to take your call 24/7 and offer same-day appointments.

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