What Are The Nebraska Bankruptcy Exemptions?
Nebraska law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so its wise to consult with a Nebraska bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in Nebraska. In general, the major Nebraska bankruptcy exemptions include:
|GENERAL NEBRASKA EXEMPTIONS|
|Real Estate (the Homestead Exemption)
Up to $12,500 of equity in your homestead can be protected.
There is no specific automobile exemption in Nebraska.
$2,500 in any personal property; 100 percent of household possessions and clothing; up to $2,400 in implements, tools, or professional books or supplies held for use in a principal trade or business, which may include one motor vehicle; and 100 percent of the debtor’s interest in any professionally prescribed health aids.
|View the complete list of Nebraska bankruptcy exemptions|
Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.
Which state’s exemption laws apply in your bankruptcy?
Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.
If you have not lived in the same state for 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.
If the application of the preceding general rules renders you ineligible for exemptions under any state’s laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.
Is Nebraska a Community Property State?
No, Nebraska is not a community property state. Because it is not a community property state, you will be responsible for your spouse’s debts only if you voluntarily assumed those debts by, for example, co-signing on a loan given to your spouse. In a non-community property state, one spouse can file for bankruptcy and be eligible to eliminate all of their unsecured debts without the involvement of the other spouse.
How did your senator vote on the new bankruptcy laws?
Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?
Hagel (R-NE) – YEA
Nelson (D-NE) – YEA
Nebraska Bankruptcy Court Locations:
111 South 18th Plaza, Suite 1125
Omaha, NE 68102
463 Robert V. Denney Federal Building
and United States Courthouse
100 Centennial Mall North
Lincoln, NE 68508
Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.
Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.
Nebraska Bankruptcy Attorney Locations:
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