#10) If you own a house, you can file bankruptcy to save it.
Chapter 13 bankruptcy was created for your situation. For the full answer, please give me a call. We may save your family's home and so much more.
#9) You will not lose your job if your boss finds out. Also, it's highly unlikely that even your own friends and family will find out.
First, there is no shame in filing bankruptcy. You, I, and everyone else knows bad things happen to good people, like you.
Second, firing you would be discrimination under Section 525 of the United States Code. Besides that, it's very unlikely your boss will ever find out.
Third, while your filing does become public record, unless you are a celebrity or a famous person, it will not be on the evening news.
#8) You won't lose everything you own, above all your wedding ring.
To be 100% certain which personal items you'll be able to keep, give me a call. I'll let you know based on our conversation (The call won't cost you a penny)
For those of you who want a general idea, here's a summary.
For Chapter 7 bankruptcy, the trustee will take your "non-exempt property" and pay your creditors. However, many times you can make an agreement with the trustee to buy some or all of your items back if you want and are able to.
For Chapter 13, you can keep all property, even non-exempt property, as long as your unsecured creditors get the value of the non-exempt property through your Chapter 13 plan.
Tax refunds and earned income credits are not exempt and can be taken by the bankruptcy trustee, depending on the time you file your bankruptcy case. If you fall into this category, please call me to see if this will affect you.
If you have property, which is non-exempt, you could sell it before filing bankruptcy and use the money to purchase things, which are exempt; such are food, furniture, or clothing.
HERE'S A BIG WARNING: You cannot give property (your stuff) away to friends or relatives and have them give it back to you after the bankruptcy. Any transfers of property without receiving fair value for it within one year before filing bankruptcy is called a fraudulent transfer.
The property could be taken by the bankruptcy court and sold to pay some of your debts.
HERE'S EVEN A BIGGER WARNING: If the court finds you have been dishonest in your bankruptcy, you could be denied your discharge. You could also be charged with federal or state crimes, which carry serious fines and jail sentences.
Also, you cannot prefer one creditor over another by making payments on the debt within 90 days before filing bankruptcy (one year if the person paid is an "insider" (family, friend, etc.)
If you try to cheat, the bankruptcy court could take the money away from the person you paid. This is to ensure that all creditors are treated equally. However, this does not apply to normal monthly payments like your car payment, house payment, rent, utilities and other living expenses.
Again, if this sounds confusing or if you're not sure how this applies to you, give me a call anytime night or day 24/7.
#7) Don't worry about going to court.
Going to your hearing is not like going to court for a criminal offense. You're not being tried for any wrong doing.
Plus, you won't be appearing in front of a robed judge on the bench. In fact, no judge is even present.
It's just a meeting between you, myself, the trustee, and possibly creditors. This applies whether it's for a Chapter 7 or 13.
Usually, the meeting is very short and simple...many times it's less than 5 minutes.
The meeting (hearing) is held in a courthouse or a Federal building in a special room called the "Trustee Meeting Room."
If you are filing in Nebraska the hearing is held in the Roman L. Hruska Courthouse, 111 South 18th Plaza, US Trustee Meeting Room, in Omaha.
If you are filing in Western Iowa, which are mainly folks that live around Council Bluffs, it is held at the Federal Building on 8 South 6th Street, (6th and Broadway) in Council Bluffs.
If you live closer to the Des Moines area, you'll be going to the Federal Building, Room 783, 210 Walnut, Des Moines.
#6) There are no minimum or maximum amounts of debt you need to file Chapter 7.
For Chapter 7:
There is no maximum limit.
In addition, there is no minimum limit.
For Chapter 13:
*Your secured Debts can’t exceed $1,149,525
*Your unsecured debt can’t exceed $383,175
*Values are for 2014 and are adjusted annually
#5) There is a big difference between secured and unsecured debt
Secured debt is a demand for repayment that's backed by some type of property, like your house, car, or motorcycle. The companies who loaned you the money to buy those things can generally claim the property (and take it to pay off the debt ) in the event you file for bankruptcy. If you choose to keep the property, you will continue to make payments and reaffirm the debt.
Unsecured debt is not tied to any type of property and the people you owe typically can't claim it if you file for bankruptcy like credit card companies and medical bills.
#4) Stop using your credit cards if you're planning on filing bankruptcy.
As soon as you think you might file for bankruptcy, stop using your credit cards.
Bankruptcy law allows for the evaluation of debatable purchases to look for potential fraud.
If you buy items less than 40 days before filing or cash advances were taken out within 20 days of filing, the debts may possibly be disqualified from the bankruptcy.
#3) Filing for bankruptcy is quick and easy. (I make it convenient as possible.)
For example, I'll personally answer the phone when you call; you can call me 24/7, and if you want to file Chapter 13, I'll even make a FREE house call to help you at a time that's convenient for you day or night.
The process to file for bankruptcy from beginning to end can be pretty simple and straightforward. Let me show you in 3 simple steps:
And that's it.
#2) You can afford bankruptcy
Many people would take that another step further and say "You can't afford not to file."
When you take into account the companies you owe, the time you spend "robbing Peter to pay Paul," and then couple that with all the gut wrenching stress that being short money causes...bankruptcy can be a very affordable way out.
In fact, many times we charge only the court filing fee to start helping you get rid of this big pain in your...neck!
#1) Bankruptcy should be a last resort
Without first having a down-to-earth conversation with you, it's hard to give sound legal advice.
But, here's what I can tell you; according to the vast majority of clients I've helped in Nebraska and Iowa, they feel like Mt. Everest has been lifted off their shoulders immediately after they've filed.
You'll need to decide if the mountain of stress you're under is crushing your life.
If you would like to talk about it, whether it's noon or midnight, Wednesday, Sunday, or any other day, I'm here to help...right now: 402.659.4254.