Everybody desires to pay his or her personal and business debts. Nevertheless, circumstances may make you incapable of paying your debts and liabilities. In the event that you are pushed on the wall to the extent that you are unable to pay your creditors, contacting a bankruptcy attorney becomes the last resort. By filing chapter 7 bankruptcy, a person is relieved of his or her debts. Under a chapter 7 bankruptcy, a debtor exchanges debt relief with liquidation of assets. In this arrangement, assets are sold, and money recovered distributed among the creditors. The administration of the assets is placed under the custody of a bankruptcy lawyer and a bankruptcy trustee.
If you are worried of foreclosure, filing chapter 7 bankruptcy will cushion you against threats of repossession. By filing for bankruptcy under this section, you eliminate judgments and garnishments for failure to pay your debts.
Under Chapter 7 Omaha laws, not all assets are liquidated to pay your creditors. However, you need to find an experienced Omaha bankruptcy lawyer to help you analyze all your assets and determine which assets are exempt from liquidation. According to Omaha law, your personal clothing, household goods, residential property and retirement accounts are exempt from being liquidated in bankruptcy.
Therefore, you should hire an Omaha bankruptcy lawyer to do a thorough assessment of your assets and advise you on assets that can be saved. In case chapter 7 is not suitable for you, a bankruptcy lawyer will determine whether you are best suited for another type of bankruptcy.
Your bankruptcy lawyer, using the “means test,” will advise you on whether you qualify for bankruptcy. This will be of help since it is illegal for a person to abuse the bankruptcy code. According to the means test, a person does not qualify for Chapter 7 bankruptcy the income exceeds an average household income if his or her size. In the event that your income exceeds the income of an average Omaha household of your size, a bankruptcy lawyer will help you file for exemptions in order for you to pass the means test.
In addition to filing a petition and helping you pass a means test, a Chapter 7 Omaha bankruptcy lawyer can prepare you in case you are required to appear in the trial. Hire a bankruptcy lawyer to take control of all your debt worries.