|
Bankruptcy offers those in need the chance to get a fresh start by wiping out the debts they cannot pay. You have to give the Bankruptcy trustee and Bankruptcy court substantial information in order to take advantage of this "do over". You must provide information about your income, your assets and all the people to whom you owe money. Bankruptcy is governed by federal law and happens in court so "notice" is really important. All parties to a person's bankruptcy, including creditors, must be given proper notice that person is asking that their debts be discharged, or 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. You must list your creditors and send notice to their address or else your debt may not be discharged in the bankruptcy. The trustee can claim some of the debtor's non-exempt assets such as savings or checking account funds or tax refund money. The debtor in a chapter 13 case makes payments to the trustee and the creditors are entitled to those funds. The creditors listed on the bankruptcy are paid their share of these non-exempt funds. The trustee is unable to pay a creditor their fair share of these assets if they are not listed on the bankruptcy. In cases where there are assets to be distributed, a creditor who was not listed will be able to successfully make a claim for that debt, even after your discharge. Just because they are not listed does not mean you don't have to pay. To make sure this doesn't happen, be careful to list all your creditors and their addresses. Including addresses makes sure the creditors receive notice about your case. Chapter 7 cases generally don't have any non-exempt assets to distribute. A creditor who is not listed in a no-asset case has no reason to complain. There is no money to distribute so even if they were listed, they wouldn't receive any money. In Nebraska it doesn't really matter if creditors are notified or not because the Bankruptcy Court will discharge the debt whether the creditor was listed or not as long as there are no assets to distribute. You still want to make sure you list all your creditors. Once a creditor knows that you filed bankruptcy, in most cases they stop contacting you regarding the debt. If you are looking into declaring bankruptcy, you are likely facing foreclosure, repossession or garnishments and you are probably being contacted constantly by bill collectors. The problem will just get worse if you don't do anything. However, if you start working with a qualified Omaha Bankruptcy Lawyer immediately, you can stop those calls and get your finances back on track. Get your life back by contacting an Omaha Bankruptcy Attorney today.Omaha Bankruptcy Attorneys Omaha Bankruptcy Lawyers Omaha Chapter
Related Articles -
Omaha, Bankruptcy, Attorneys,
| 
