Typically, most people with overwhelming debt, who have decided to file bankruptcy, want to file a Chapter 7. There are some good reasons for this: Chapter 7 is the fastest (100 days from “filing” to “discharge”); the simplest; and the most economical of all the bankruptcy chapters. So it makes good sense to first try and fit into a Chapter 7. However, there may be one or more good reasons to consider a Chapter 13 bankruptcy.
4 Reasons to Consider Filing a Chapter 13 Bankruptcy in Nebraska
Waiting Period Following a Previous Bankruptcy
Debt Payments Required by a Divorce Decree
A final consideration in deciding whether to file a Chapter 7 or a Chapter 13 in Nebraska is “exemptions”. Because Nebraska’s one Chapter 13 Trustee is not also a Chapter 7 Trustee, the guidelines used in considering your claimed exemptions may be different. An exemption which may be very questionable to one of the Chapter 7 Trustees, may have a history of acceptability by the Chapter 13 Trustee. Frankly, this is where the seasoned, bankruptcy attorney can best advise you. What might be a very long, expensive, and questionable battle in one chapter of bankruptcy, could be a simple fix in another chapter of bankruptcy. A subtle nuance only understood, and appreciated, by an experienced bankruptcy attorney.
Need Help Filing a Chapter 13 Bankruptcy in Nebraska?
As you can see, while everyone is drawn to the attractions of a Chapter 7 bankruptcy, there may be good reason to file a Chapter 13 instead. When reviewing your case with your Nebraska bankruptcy attorney, you should ask, “Which bankruptcy chapter would be most advantageous for my situation?”
To schedule a free case evaluation with a member of our Nebraska bankruptcy law firm, contact our office online or call (308) 872-8327 today!