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For those who are unable to pay their debts, bankruptcy gives them a chance to start over. In order to get this chance to start over, you have to provide quite a bit of information to the Bankruptcy Court and Bankruptcy trustee such as your assets and income as well as who you owe. You must understand the concept of "notice" when dealing with bankruptcy since it is governed by federal law and takes place in court. Proper notice must be given to all parties involved in a bankruptcy that someone is asking that their debts be discharged - this includes creditors. 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. Funds including tax returns, checking and savings accounts are considered non-exempt in some chapter 7 cases. Assets paid to the trustee in chapter 13 cases are to be paid to the creditors. 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. Just because they are not listed does not mean you don't have to pay. 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. In a "no-asset" case a creditor who is not listed doesn't have much to complain about. The creditors in this case will not receive any money even if they were notified of the bankruptcy. These types of cases are not a problem in Nebraska because the Bankruptcy Court will discharge the debt even if the creditor is not listed, as long as there are no assets to distribute. You still want to make sure you list all your creditors. Typically creditors will stop contacting you about your debt once they know you filed for bankruptcy. You probably feel like you're under the "financial gun" if you are getting calls from creditors, are facing repossession, foreclosure or wage garnishments. The bad news is that if you don’t do anything….things will most likely stay the same or get worse. However, if you start working with a qualified Omaha Bankruptcy Lawyer immediately, you can stop those calls and get your finances back on track. Contact a professional Omaha Bankruptcy Attorney right away to get on the road to a better life.Omaha Bankruptcy Attorneys Omaha Bankruptcy Lawyers Omaha Chapter
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