Omaha Nebraska Bankruptcy Law Lawyer
Chapter 7 Bankruptcy - Chapter 11 Bankruptcy - Chapter 13 Bankruptcy
Phone: (402) 391-4904

As a debtor, you have many options available to you, both bankruptcy and non-bankruptcy. The following is an overview of the specific types of bankruptcy laws, to help you begin to understand path you would like to choose. However, you should always contact an experienced Nebraska bankruptcy lawyer for more information before you make such an important decision.

• Chapter 7 Bankruptcy
  This type of bankruptcy is often referred to as “straight liquidation” bankruptcy. It includes receiving a forgiveness of all of your dischargeable debts, including credit cards and other non-secured debt, as well as commercial and business debt. However, Chapter 7 Bankruptcy also requires selling all of your non-exempt assets in order to pay as much as possible to your creditors. Depending on which state you live in, you will be able to keep statutorily-defined exempt property, such as your home, so long as it is under a specified value, and personal belongings such as normal clothing and household items, but excluding luxury items and other assets.
  
• Chapter 11 Bankruptcy:
  This is referred to as “business reorganization bankruptcy”. It involves setting up a partial debt repayment plan that will repay a percentage of the debts you owe to creditors over a specified length of time. There are no debt limits as to how much you may repay, but the process is complex. Typically, businesses are the ones to use this type of bankruptcy because of its expense and complexity.
  
• Chapter 13 Bankruptcy:
  This type of bankruptcy is very similar to Chapter 11, but allows for more flexibility in the repayment plans. Some creditors will have their debts paid in full with interest, while others may not, depending on the needs of the bankruptcy petitioner.
  
• Non-Bankruptcy Options:
  There may be situations in which your debt could be better managed by negotiation with your creditors than by bankruptcy. This may allow you to get the reprieve you need to take control of your finances, but without having to go through the negative side effects of bankruptcy such as asset depletion. Our law office will carefully examine your individual situation in order to determine if you would be better served by non-bankruptcy debt negotiation or by petitioning for bankruptcy under any of the above-mentioned plans.

We are a full service bankruptcy law firm that also provides clients with and non-bankruptcy debt management options. Contact our office in order to set up a no-obligation FREE consultation session in which our Omaha bankruptcy attorney will carefully discuss your finances with you and inform you of all your options so that you can make the right decision. Call our office at (402) 391-4904 or fill our online contact form.

Duncan & Davis
Omaha Nebraska Bankruptcy Law Lawyer
1910 S. 72  ^nd Street
Suite 304
Omaha, NE 68124-1734
Phone: (402) 391-4904
Fax: (402) 391-0088
E-mail:  Contact Us

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**Our office serves clients in Omaha, Nebraska and Council Bluffs, Iowa as well as the counties of Douglas and Pottawattamie.