Omaha, NE -- (ReleaseWire) -- 07/22/2014 -- Recent studies have shown that consumers have found it difficult to distinguish between the different bankruptcy options available to them. In fact, some people do not have enough information about this debt settlement option to be able to make an informed decision. Fortunately, taxpayers can now get help with bankruptcy Omaha.
Qualifying for Bankruptcy
Bankruptcy is a legal debt settlement option that can be used by individuals, businesses and corporate entities to get out of debt. Chapter 7 bankruptcy is the most common type of bankruptcy because both individuals and businesses can use this option to get rid of their debts. To qualify, the applicant needs to have a lot of debt and no income to repay it. Assets are usually sold to repay debts.
Chapter 11 bankruptcy is meant for businesses and corporate entities. It entails reorganization of debt. To qualify, the applicant needs to have a lot of debt and a stable income. A repayment plan is drafted by the debtor, approved by the court and creditors, and honored by the debtor throughout the bankruptcy period.
According to recent statistics, it has been discovered that Chapter 13 is becoming very popular with consumers. To qualify, an individual needs to have a reliable income source and a lot of unsecured debts. It is similar to Chapter 11 except for the fact that it's meant for individuals.
The first thing that debtors should do when they find it difficult to repay their debts with the existing terms and conditions is to get in touch with an experienced bankruptcy attorney. When it comes to bankruptcy Omaha residents should not take chances; they should get help from a competent lawyer.
About Gamm Legal Services LLC
Gamm Legal Services LLC is a law firm that specializes in helping people understand their options when it comes to filing bankruptcy in Nebraska and Iowa.