1. "If I file for bankruptcy, will I lose any of my stuff or possessions"??

There are all sorts of stories out there from friends, family, co-workers, etc about people who filed for bankruptcy and lost stuff. It's kind of interesting that there are also stories floating around about people who filed bankruptcy and got to keep their expensive car, motorcycle, etc....so you probably don't know what to think.

The Bottom line : Most people, when filing bankruptcy, don't have to give up anything. All "normal" household goods and items, tools of trade, personal effects etc. can normally be exempted. But to be sure, CONSULT with your attorney before filing your case. Your house is exempt up to $60,000 equity. (see below).

2. "What are exemptions? Are my things exempt?"

Exemptions are laws created by each state (there are also federal exemptions, but for the most part there don't apply here) that enable you, the Debtor, to keep things (aka "assets") even if you're getting sued and even if you file for bankruptcy. In other words, no matter what happens to you in this world, they can't take your exempt stuff. It's important to note that you don't have to file for bankruptcy to claim your exemptions. They can be claimed in state court as well as bankruptcy court. I assure you, your creditors don't want you to know about your exemptions.

You can probably guess off the top of your head some things that would be exempt, can't you? How about.....Clothing? Yes; Burial Plot? Of Course! Wedding Rings? Yes! For most of you, the most important things to keep, are your cars, house, and retirement accounts. We'll get to these in a moment. (Some of you want to give your car or house back to the Bank, but that's a different story).

p.s.: When filing bankruptcy, be sure to be truthful with your attorney . Withholding the disclosure of an asset is one sure way to get in trouble. Don't leave any thing out of your bankruptcy paperwork. Leaving an asset out automatically makes it non-exempt even if it was exempt earlier! Additionally, criminal charges can be brought against you. Just don't do it.

Here is a partial list of Nebraska Exemptions:

Q: If I have a checking account can I keep that open and still write checks?
A: Yes. You can keep your account open. But you'll have to give up your credit cards.

3. Q: Can I make payments to Skrupa law office?
A: Sure, no problem. Plus we'll start taking creditor calls for you right away! Your bankruptcy will be processed upon your final payment.

4. Q: "Can I ever buy anything again on credit if I file for bankruptcy?"

A: Yes of course. Within a year you usually start getting credit card offers again in the mail. You can buy a vehicle once you get your discharge (it takes 3 months after filing your chapter 7). As long as you can meet income guidelines, many people qualify to buy a new home in as little as two years. Remember, the creditors and big banks want you back in debt as soon as possible! (You can't file again for 8 years!)

5. Q: "I'm married; Do I have to file bankruptcy with my spouse?"

A: Yes you can file by yourself; however any debt that is in both names will be discharged as to the filing spouse only. In other words they could still go after the other spouse for the money.

6. Q: "I heard the new bankruptcy laws make it almost impossible to file for bankruptcy...any truth to that?"

A: Congress passed changes to the bankruptcy code in October 2005. There is more paperwork to file for a typical case but as it turns out, the changes to the code are not shutting people out for filing from bankruptcy at all. As a matter of fact, as of January 2007 Congress is preparing to strengthen bankruptcy laws in favor of you the debtor, with respect to home mortgages. The national level of bankruptcy filings are almost what they were before the new law went into effect. There is a REAL need out there, and everybody knows it!

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.