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Nebraska Bankruptcy Court

In accordance with the divisions of the judicial system in the United States of America, the bankruptcy courts have jurisdiction over all bankruptcy filings in a particular state. Hence, all bankruptcy applications in Nebraska have to go to the Nebraska Bankruptcy Court. Irrespective of the chapter under which it is filed or the county in which it is filed, the bankruptcy application is received by the bankruptcy court and is then considered. If it is fit to be accepted then a bankruptcy is declared. Records of all bankruptcy applications are maintained for easy reference in the future by anyone who needs it.

Nebraska Bankruptcy Court Records includes the details about the cases filed under each of the bankruptcy laws in the state. An individual in Nebraska can file for bankruptcy under Chapter 7 and Chapter 13 of the bankruptcy laws. Chapter 7 bankruptcy is also known as Straight bankruptcy where the trustee takes control over the assets of the bankrupt individual and then liquidates the property to return the cash to the creditors. On the other hand, Chapter 13 bankruptcy makes way for repayment over a period of time and is called wage earners bankruptcy. If the concerned individual has a steady income, then Chapter 13 bankruptcy is meant for him.

Nebraska bankruptcy information provides details about the exemptions under the bankruptcy laws of the state of Nebraska. Some of these exemptions are provided below:

For personal property up to US$ 12,500 is exempted under section 40-101, but it should exceed more than 2 lots in the village or city measuring 160 acres in each places as per the clause under section 40-111
Income from sale of property is exempted up to 6 months after the date of selling under section 40-113
Homestead declaration may be recorded under the section 40-105
All fraternal and society benefits are exempted up to US$ 10000 under the section 44-1089

In Nebraska, major share of bankruptcies filed are based on Chapter 7 and Chapter 13. In 2002, of 7721 Nebraska bankruptcy cases filed, nearly 6000 cases were on Chapter 7, 1621 cases on Chapter 13 and rest on other four chapters. In 2008, this count saw a dip with less than 6000 (5,364- the factual number) bankruptcies filed in totality. This is an information worth mentioning that the nation had seen a 28.9% increase in rate of bankruptcies filed in the same year as compared to its preceding year. With the help of good attorneys it is not difficult to sail through the tough phase of bankruptcy.

Access Nebraska Bankruptcies Online

Like all court records, bankruptcy filings and related details are part of the official documents accessible to the public. These are often used as background checking tools before any financial deals are done between individuals or businesses. The Nebraska Bankruptcy Court locations at Omaha, Lincoln, and North Platte serve as the places where these records are preserved. Manual search of these records is possible for locating a particular case file. You can also find the databases of bankruptcy case details over the Internet. All you need to do is to search for the concerned individual or business and check whether they have ever filed for bankruptcy or not.