The Nebraska Bankruptcy Court issued a written opinion on January 6th stating that a debtor who intentionally or negligently fails to list a debt will be denied a discharge of the debt. A Nebraska debtor who resides in Morse Bluff, Nebraska, was recently denied the right to discharge a $751 auto repair bill that she
Has Your Corporation Become Toxic?
Frequently I meet with small business owners who own companies that have become so burdened with debt that I describe the corporation as being “toxic.” Even if business improves and cash flow increases, the corporate entity is so weighted down by bank liens, court judgments, and tax debt, it can never recover. The business may
Lincoln Homeowner Files His Own Case & Loses Home
An unemployed pharmacist in Lincoln, Nebraska lost his battle to save his home from the claim of the Chapter 7 Trustee during a bankruptcy court hearing on January 5. In Re Bozarth, Bankruptcy Case Number 10-42629. The homeowner filed his own case and was not represented by an attorney at the hearing. The homeowner
Documents your Attorney Needs to Prepare a Case
- Tax Returns. 2 years of tax returns. If you have lost your returns, complete IRS form 4506. You can obtain that form on the IRS webiste at www.IRS.gov. If you have not prepared your tax returns, do so now. The bankruptcy case will automatically be dismissed if you fail to file the returns within 30
Are Tax Refunds Protected in Bankruptcy?
It’s tax season again, and in the bankruptcy world that means only one thing–people are loosing their tax refunds to Chapter 7 Trustees again. The sad part is that this should almost never happen. This is the result of sloppy legal work. Yet, year after year I witness helpless debtors lose their tax refunds because
Should I file Chapter 7 or Chapter 13?
One of the most common questions asked is whether it is better to file Chapter 7 or Chapter 13. Our firm’s position is that if you qualify for Chapter 7 and if there is little risk of your property being liquidated, then Chapter 7 is the better way to go. The goal is to complete
10 Bankruptcy Mistakes to Avoid
- Failing to list all Creditors: If you do not list a creditor, the debt will not be discharged. You should list all creditors, even if you have a co-debtor or intend to repay. Intentionally failing to list creditors you favor is perjury.
- Getting a Second Mortgage Instead of Filing Bankruptcy: Many clients put
Can a Millionaire file Bankruptcy?
Ted Baer, heir to the J.L. Brandeis & Sons department store fortune, may inherit millions of dollars in five years according to an article published by reporter Joe Ruff in the Omaha World-Herald .
Ted Baer stands to inherit about $16 million dollars. However, the Chapter 7 Trustee, Thomas Stalnaker, has indicated that he will
Will I lose my home if I file bankruptcy in Nebraska?
Clients always tell me that they need to file bankruptcy but they don’t want to lose their home or car. Lots of people think that they lose all the property if they file bankruptcy as a penalty for being in debt.
Over the past 18 years I’ve seen many foreclosure cycles, but nothing like the
Why Debt Settlement Almost Never Works
Hardly a day that goes by that I do not speak to a new client who says that they hired a debt settlement company to take care of their credit card debts but none of the debts were settled despite making all their payments and now they are being sued and garnished by the credit