After the melt-down of the world economy, the threat of bankruptcy has been hovering over big and small names alike. It is not confined to any particular nation or state. To access bankruptcy records could be a difficult task. A person can access the bankruptcy records of the United States through different websites affiliated by government. When looking for state specific bankruptcy records like Nebraska bankruptcy records it can be accessed with equal ease. If you perform your search in proper places, you will have all chances to unearth the details.
Bankruptcy is often the only way out when an individual or business face a situation where it is impossible to clear the debts incurred. However this is considered to be the last resort. When a financial dealing is done it is common to check before the whole thing is processed. When an individual or business files for bankruptcy the credit history gets tainted. In case an individual applies for a loan or a mortgage, the bank or institution applied to checks for the credit history and whether or not the individual has ever filed for bankruptcy or not. Before investments in a business, checks are also performed as well.
Bankruptcy can be filed under a number of chapters according to the US laws. The most common types of bankruptcy filed for are under Chapters 7 and 13. The former is known as liquidation bankruptcy and is usually done when there is no other way to repay the debts. In the case of liquidation, the individual or business needs to declare the assets. These are then sold off in the presence of court authorities. The money incurred from the selling off of the property is used to repay the debts and the person or business can opt for a fresh start. Chapter 7 is the best option when there is no other way left to solve a financial crunch.
Chapter 13 bankruptcies or wage earner bankruptcy is filed in Nebraska when a person or business is confident that the debts can be paid off but needs more time to do the same. In certain cases it is possible to repay the debts incurred. However a stringent time frame is the main problem for the creditor. When someone files for Chapter 13 bankruptcies the court devises a financial plan that gives the person concerned the required time to clear his or her debts. This is a settlement between the two parties and the state bankruptcy court authorities plan the terms and conditions of the settlement.
While filing for bankruptcy an individual has to give a declaration of his possessions. But there are certain things that are exempted from confiscation. According to Nebraska bankruptcy laws, there are a number of things that the individual can retain even after he has filed for bankruptcy.
The list of Nebraska bankruptcy exemptions is a long one. According to Section 40-101, 40-111, 40-113 one can still hold on to homestead worth $12,500. This should not exceed more than a couple of lots in a rural or urban area measuring not more than 160 acres. One can keep personal property worth $2500 and constituent household items and upholstery worth $1,500.
One who has filed for bankruptcy can retain any tools of trade worth $2400. Health aids that have been prescribed are also exempted from being taken away. If an individual has a substantial amount of money that has been kept aside for a personal injury or a debatable death claim also fall outside the purview of bankruptcy exemptions in Nebraska. A portion of weekly disposable earnings, as much as 75% of it, is also exempted from bankruptcy confiscation. The compensation that one gets while being unemployed is also not included. The pension of sailors, people employed in the marine services and physically challenged soldiers worth $2000 are exempted. Compensation benefits for workers are also included in the list of exemptions.
Though there are several exemptions, filing for bankruptcy does not mean that you can get rid of all your outstanding debts. Bankruptcy does not mean that you do not have to pay for your tax liens and voluntary liens that includes deeds of trust and mortgages. This means that the one who has lent out the money has the right to foreclose if the loaned amount is not paid back.
Locate Nebraska Bankruptcy Records
A person might want to find Nebraska bankruptcy records in order to verify the financial viability of another person or organization. The Nebraska state bankruptcy records are indispensable in these matters. It might be wise to scroll through the Nebraska bankruptcy files even before deciding on a potential partner in case of a business venture. Bankruptcy records contain details of any and all dismissed or restructured debts. In fact there are some sites with an alphabetical index of bankruptcies showing name of bankrupt, notice of bankruptcy proceedings, book and page or roll and frame where recorded, and date of order or petition. The records contain certified copies of petitions commencing bankruptcy proceedings, certified copies of decrees of adjudication, or orders approving the bonds of trustees appointed in bankruptcy proceedings showing name of bankrupt, address, date of filing, assets, and liabilities.
A person must look in the Nebraska federal bankruptcy records for Nebraska bankruptcy records as the federal courts have subject-matter jurisdiction over bankruptcy cases. Nebraska bankruptcies are not uncommon. On the contrary, lately they have become quite prevalent. The Nebraska county bankruptcy records are reflective of that. Nebraska court records show that the historic Indian Hills Theater in Omaha, Nebraska which had a 21 meter Cinerama screen, one of the largest in the whole of United States of America had to be closed down because of bankruptcy.
The court records have always proved invaluable for any Nebraska bankruptcy search. They are like a sea of information. But the getting Nebraska bankruptcy record from court is quite a Herculean task. Thankfully the internet solves that problem since most Nebraska records pertaining to bankruptcy are available online. These records are a boon for any person searching for the bankruptcy files of Nebraska. It is very important to review these files to protect personal finances. It is also advisable to verify the details of any organization or any potential employee before recruiting him. Try to access a site that is updated on the most recent and accurate bankruptcy information. Also it is better to be careful before venturing into any financial commitment than to feature in may be some Nebraska court record later. The times are hard and a person should be aware of the evils of bankruptcy in these days and take every possible measure to save yourself from it. In order to do that is absolutely necessary to have all the available information pertaining to bankruptcy.
The most authentic websites for procuring Nebraska bankruptcy records is PACER or the Public Access to Court Electronic Records. The information is categorized on the basis of the Chapters of the bankruptcy laws. This makes it easier for the one who is searching for the bankruptcy records online. All you need to do is log into the website and then navigate on to the concerned page. One can also search the National Archives for securing relevant information. In fact these domains are the ones that are mostly searched for by professionals involved in the legal system. With just a click of the mouse, one can get all the information that one wants.
PACER records can be accessed for a nominal amount. A whole bankruptcy case record is available for your use in as less as 4 dollars. The records include the names and details of the parties concerned, the name of the lawyers who dealt with the case, the declarations, the case number and the results.