Nebraska Fraudulent Transfer Act

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A great question was posed on our Nebraska bankruptcy attorney listserv this morning: Dear list-mates:  I have a older couple wishing to file bankruptcy who approximately a year ago transferred their house (which qualified then and now as their homestead valued at less than $60k) to their daughter retaining a life estate in themselves. My first instinct […]

Debt Settlement Taxes

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Debt settlement is a popular alternative to filing bankruptcy.  It avoids the public embarrassment associated with filing bankruptcy and entanglement with the court system.  However, debt settlement can create tax problems if you receive tax form 1099-C: Cancellation of Debt. When a debt is settled for less than the balance owed, the creditor frequently files […]

Will Filing Bankruptcy Stop an Eviction in Nebraska?

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My Landlord is trying to evict me because I defaulted on my payment arrangements.  My hands were tied because I didn’t get a paycheck for 2 weeks in a row.  Will filing bankruptcy stop the eviction? The short answer to this question is Yes, filing bankruptcy will stop an eviction.  But what happens next? Is […]

File Response to Lawsuit Even When You Owe the Debt

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I see way too many Default Judgments being awarded to creditors.  Judgments are wrecking balls that obliterate the walls of your financial house. Judgments give creditors the power to garnish up to 25% of your paycheck and 100% of your bank account.  Once that happens it becomes impossible to pay the rent, daycare, or car […]