Can you keep your motorcycle if you file bankruptcy? Over the years I have learned that many folks value their motorcycle above all other possessions. I recently caught the motorcycle bug myself and I am preparing to get my license as I write this blog post.
The answer to the above question depends on several
Upon the filing of a bankruptcy petition, all collection activity is immediately stopped, including ongoing lawsuits and wage garnishments. What few people or their attorneys are aware of, however, is the power of bankruptcy to recover garnished wages and bank accounts that take place in the 90 days prior to filing bankruptcy.
In a recent
Just about the top priority of most of my clients is protect their vehicle. The good news is that Chapter 13 repayment plans not only protect the family vehicle, but they also include additional powers to make the loan payment more affordable.
One of the greatest powers of Chapter 13 is the right to
Nebraska Bankruptcy Judge Thomas Saladino has issued a written opinion protecting funds held in an Individual Retirement Account (IRA). Creditor First National Bank of Wahoo objected to Troy Euse’s claim of an exemption protecting $163,000 held in his IRA account and another $240,000 in a 401(k) retirement account, case number 10-43179.
The debtor claimed
I think most bankruptcy attorneys would agree that Student Loans are the single most difficult debt to discharge in bankruptcy. This is because Section 523(a)(8) of the Bankruptcy Code prohibits the discharge of student loans unless the debtor can show that it imposes an “undue hardship” on the debtor and the debtor’s dependents. Proving that
As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Congress required that all persons take a credit counseling course before they are allowed to file a bankruptcy case, and another credit education course after the case is filed. So, everyone filing bankruptcy these days must take two courses and file
One of the most significant powers of a Chapter 13 bankruptcy is the power to strip off a wholly unsecured second mortgage lien. If your home is worth less than the amount of the first mortgage balance, you may be able to cancel the second mortgage lien in Chapter 13. With the dramatic decline of
A good bankruptcy attorney should never “sell” bankruptcy. That is not why people come to my office. What they want and need is honest advice about how to get out of debt. Bankruptcy is a powerful tool to eliminate debt, but there are other methods to solve the debt problem. At the first meeting with
How much of your wages may a creditor garnish in Nebraska? How many garnishments may be placed on a paycheck at any one time? These are two common questions I receive on a weekly basis.
There are limits to how much any one creditor may garnish under Nebraska and Federal law. Nebraska Statute 25-1558 provides
Chapter 13 cases provide for a monthly payment to a bankruptcy trustee over a 3 to 5 year period of time. Generally, a person files Chapter 13 when their income is too high to qualify for Chapter 7 or if they are disqualified from filing Chapter 7 due to a prior bankruptcy being filed in