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For those who are unable to pay their debts, bankruptcy gives them a chance to start over. It's necessary to provide a lot of information to the Bankruptcy Court in order to take advantage of this huge fresh start. Information you must provide includes not only who you owe money to but how much income you earn and what assets you have. Bankruptcy is governed by federal law and happens in court so "notice" is really important. Appropriate notice has to be given to creditors so that they are aware that an individual is asking for his debts to be wiped out. If they aren't told that the debtor is seeking relief under bankruptcy law then they don't have an opportunity to present whatever claims they may have to the Court. If your creditors don't get proper notice sent to the proper address, you are in danger of not getting that particular debt discharged. In some chapter 7 cases, the debtor has non-exempt assets that the trustee claims, such as tax refunds or money in checking or savings accounts. The debtor in a chapter 13 case makes payments to the trustee and the creditors are entitled to those funds. These non-exempt assets are payable by the trustee to the creditors listed on the bankruptcy. If a creditor was not listed in the bankruptcy then there is no way for them to receive their fair share from the trustee. However, even if a creditor is left off of the bankruptcy list, they are still able to make a claim for what you owe. So, you will still owe this debt; it will not be wiped out. This is why it is so important to list all creditors and their addresses on your bankruptcy so they can get proper notice of your case. There are typically no assets that are non-exempt to distribute in chapter 7 bankruptcy cases. There is no reason for a creditor to complain about not being listed in a "no asset" case. Even if they were notified of the bankruptcy they wouldn't receive anything from the trustee. These cases are not problematic in the state of Nebraska. According to Nebraska's Bankruptcy Court, if no assets are available for distribution, the debt is discharged whether the creditor was notified or not. However, it's still a good idea to list all your creditors when filing bankruptcy because once they receive notice of your filing they will likely quit contacting you about your debt. You probably feel like you're under the "financial gun" if you are getting calls from creditors, are facing repossession, foreclosure or wage garnishments. Nothing will get better if you choose to do nothing. If you choose to work with a skilled Omaha Bankruptcy Lawyer, however, you can start to get some peace of mind and put an end to the aggravation. Get your life back by contacting an Omaha Bankruptcy Attorney today.Omaha Bankruptcy Attorneys Omaha Bankruptcy Lawyers Omaha Chapter
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