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If you have been drowning in debt, a bankruptcy attorney can serve as your life raft and show you how to start over. At Sam Turco Law Offices in Omaha and Lincoln, NE, they know life is unpredictable and sometimes people just need a clean slate. If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, an attorney from their firm will help.

Here are three questions to ask your bankruptcy attorney during the initial consultation:

  • bankruptcy attorneyAre Any Of My Assets Exempt? If an asset is exempt, that means creditors cannot seize it to help pay off some of your debt. If you have any non-exempt assets, a trustee will seize and sell them if you file Chapter 7 bankruptcy. If you do not want to lose your non-exempt assets, Chapter 13 bankruptcy may be an option, though certain non-exempt assets may increase the payment plan.
  • Have I Had Any Possible Fraudulent Transfers? If you have a yard sale to help cover expenses when you are struggling to make ends meet, that is entirely permissible. However, if you transfer your assets to someone for less than fair market value, that could be considered fraud. The court may assume you did so in an attempt to save the asset from seizure and liquidation during bankruptcy proceedings. Your bankruptcy attorney will determine if you have had any questionable or fraudulent transfers in the past two years.
  • What Type Of Bankruptcy Do I Quality For? Chapter 7 bankruptcy is essentially an erasure of debt, whereas chapter 13 is a reorganization of debt. During the initial consultation, your lawyer will review your income and recent pay stubs to determine what you qualify for.

If you are considering filing for bankruptcy and want to understand the ramifications of doing so, turn to Sam Turco Law Offices in Omaha and Lincoln, NE. Visit their website to learn more about how they can help you, and call (402) 614-7171 to talk to a bankruptcy attorney about your options. 

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