Find a Bankruptcy Lawyer in Lincoln, Nebraska

Find the right Bankruptcy attorney in Lincoln, NE

Bankruptcy in Lincoln, Nebraska is a court proceeding through which a person or business who is unable to pay their debt is able to have some of their debt legally absolved, 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 discharged of their obligation to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing unmanageable 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 severely damage a person's credit rating.

For that reason, it would be prudent to speak with a good Lincoln, 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 specific situation. This determination is highly dependent on the details of each individual case, so a Lincoln attorney's advice is really indispensable.

Types of Bankruptcy in Lincoln, Nebraska

In Lincoln, Nebraska, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Lincoln, Nebraska will be about the same as anywhere else in America. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Numerous types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other normally used bankruptcy system in Lincoln is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the arrangements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is typically a better option for people who have a steady income. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being enforced, this plan must be approved by a majority vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Lincoln Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Lincoln is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Lincoln bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Lincoln

Lincoln is Nebraska's state capitol-a place filled with something to do for everyone! Lincoln has a large recreation center, great shopping malls, a huge golf course, and several playgrounds for children!

Moreover, Lincoln is home to many wonderful attractions filled with natural and historical beauty. Starting off, the State Capitol Building is described as the nation's first vernacular State Capitol. The building stands 400 feet tall, has four interior court yards, and an observation deck.

Many tours are offered daily, and last approximately thirty minutes.

For those who want to see even more history, the Historic Haymarket is a very popular Lincoln attraction. It has unique galleries, shops, and restaurants. The Historic Haymarket is the social hub of Lincoln, where people can go to socialize, relax, and just have a good time.

Alongside history, Lincoln is also rich in natural beauty. Antelope Park and The Sunken Gardens are a botanist's delight! Both have amazing rose gardens, gorgeous fountains perfect for that special Kodak moment, and breathtaking statues and sculptures.

Children especially love Lincoln because of the Lincoln Children's Zoo.

The Zoo has over 300 animals and a large botanical garden with over 400 species of plants!

The Zoo prides itself in its devotion to animal conservation and community education.

The Zoo also has a species survival program, where animal that are threatened and endangered are taken in and taken care of.

Being the capitol of Nebraska, Lincoln's legal market is full and flourishing.

Lincoln has many legal centers where legal aid is provided to those in need.

Additionally, Lincoln is filled with large, medium-sized, and small law firms in all practices of law.

Overall, the legal needs of anyone and everyone can be taken care of in Lincoln Nebraska.

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