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Bankruptcy offers those in need the chance to get a fresh start by wiping out the debts they cannot pay. 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. 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. If your creditors don't get proper notice sent to the proper address, you are in danger of not getting that particular debt discharged. Funds including tax returns, checking and savings accounts are considered non-exempt in some chapter 7 cases. Creditors are able to claim some assets in chapter 13 cases such as the money the trustee is paid. The creditors listed on the bankruptcy are paid their share of these non-exempt funds. In order for a creditor to receive their fair share of these assets, they must be listed on the bankruptcy. You should know that even if a creditor is not listed, they can still collect a debt you owe. So, you will still owe this debt; it will not be wiped out. As you can see, it is vital to include all information about your creditors on your bankruptcy case. There are typically no assets that are non-exempt to distribute in chapter 7 bankruptcy cases. 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. Typically creditors will stop contacting you about your debt once they know you filed for bankruptcy. If you are facing garnishments, repossessions, foreclosure and bill collector’s telephone calls, then you know what being under the “financial-gun” is like. Nothing will get better if you choose to do nothing. 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 finances in order and your life on track by working with a skilled Omaha Bankruptcy Attorney right away.Omaha Bankruptcy Attorneys Omaha Bankruptcy Lawyers Omaha Chapter
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