Find a Bankruptcy Lawyer in Bellevue, Nebraska

Find the right Bankruptcy attorney in Bellevue, NE

Bankruptcy in Bellevue, Nebraska is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally excused, or "discharged." This theoretically allows the debtor to move on with a clean slate. Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be absolved of their requirement to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing uncontrollable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can heavily damage a person's credit rating.

For that reason, it would be advisable to speak with a good Bellevue, Nebraska bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your individual situation. This determination is highly dependent on the details of each individual case, so a Bellevue attorney's advice is absolutely indispensable.

Types of Bankruptcy in Bellevue, Nebraska

In Bellevue, Nebraska, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Bellevue, Nebraska will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other typical bankruptcy scheme used by consumers in Bellevue is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the contracts that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Bellevue Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Bellevue is not one to be made easily, and it definitely should not be made without first obtaining the advice of an accomplished Bellevue bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Bellevue

Bellevue is the oldest city in the state of Nebraska. It was incorporated in 1855 and currently has a population of approximately 49,000 people. The city is part of Sarpy County. The word "Bellevue" is French for "beautiful view", as the city is rich in pristine forest areas. For example, Fontenelle Forest is located in Bellevue. It is a privately owned forest area containing 17 miles of trails suitable for hiking. The area has many views of the surrounding scenery including the Missouri River. Another popular tourist location is Hayworth Park, which has a walking trail that crosses many miles of Bellevue. The economy of Bellevue is currently fueled by expansions in the civilian sector. The commercial, residential, industrial, and construction industries are growing rapidly in the city of Bellevue. Offutt Air Force Base is also located near Bellevue. The base is headquarters for the Air Force Weather Agency, the 55th Air Combat Command Wing, and the U.S. Strategic Command (U.S. "Stratcom") Lawyers in Bellevue usually handle a variety of civil and criminal cases, as well as issues in family, real estate, and financial matters. Bellevue, Nebraska lawyers usually litigate their clients' cases at the Sarpy County Courthouse. More advanced cases are heard at the Sarpy County District Court.

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