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If you're not able to pay your debts, bankruptcy gives you a chance to start over. You have to give the Bankruptcy trustee and Bankruptcy court substantial information in order to take advantage of this "do over". Information you must provide includes not only who you owe money to but how much income you earn and what assets you have. Because bankruptcy is something that happens in Court and is governed by Federal law, the concept of 'Notice' is extremely important. Proper notice must be given to all parties involved in a bankruptcy that someone is asking that their debts be discharged - this includes creditors. Creditors must be informed that someone is looking for debt relief in order to present claims to the court. Your debt may not be discharged if a creditor does not receive proper notice at their address. 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. In a chapter 13 case there are always assets that creditors are entitled to, namely the payments that the debtor makes to the chapter 13 trustee. Creditors listed on the bankruptcy are entitled to their share of these non-exempt assets. 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. 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. Creditors in a "no-asset" case who are not listed have no reason to complain. Even if they were notified of the bankruptcy they wouldn't receive anything from the trustee. 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 should still let your creditors know about your bankruptcy because they will usually stop contacting you regarding money you owe. You probably feel like you're under the "financial gun" if you are getting calls from creditors, are facing repossession, foreclosure or wage garnishments. Things will stay the same, or get worse, if you 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 in touch with a qualified Omaha Bankruptcy Attorney right away to get your case underway and get your life back. Omaha Bankruptcy Attorneys Omaha Bankruptcy Lawyers Omaha Chapter
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