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ankruptcy 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. Because bankruptcy is something that happens in Court and is governed by Federal law, the concept of 'Notice' is extremely important. Creditors, and anyone involved in a bankruptcy, must be informed that someone is asking that their debts be forgiven. Creditors must be given the opportunity to present claims to the court when someone is looking for debt relief under bankruptcy law. The danger of not listing all your creditors and sending notice to them at their proper address, is that at the conclusion of the bankruptcy that debt may not be discharged. The trustee can claim some of the debtor's non-exempt assets such as savings or checking account funds or tax refund money. Assets paid to the trustee in chapter 13 cases are to be paid to the creditors. Creditors listed on the bankruptcy are entitled to their share of these non-exempt assets. There is no way for a creditor to receive their fair share of a debt if they are not listed on the bankruptcy. However, even if a creditor is left off of the bankruptcy list, they are still able to make a claim for what you owe. What this means is that this debt is not wiped out and you will still owe it. As you can see, it is vital to include all information about your creditors on your bankruptcy 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. 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. It is still best to make sure you list everyone you owe in your bankruptcy. Once a creditor knows that you filed bankruptcy, in most cases they stop contacting you regarding the debt. If you're constantly being contacted by bill collectors and are facing foreclosure, garnishment or repossession, you probably feel like you're under the "financial gun". 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. 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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