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If you still have a solid job or way to make money, but simply can't afford to fully pay what you owe, Chapter 13 is a good option to take. It lets you maintain more control over your finances and assets than you would with a Chapter 7 bankruptcy.

A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

In Nebraska, there's a $338fee to file for Chapter 7 bankruptcy. You may be eligible for a waiver if you earn less than 150% of the poverty level. See the Nebraska Fee Waiver Eligibility table below.

There is no limit to the number of times individuals can declare bankruptcy in Nebraska. There are limits, however, on how often you may file. For Chapter 7, you must wait eight years to have another case discharged. Chapter 13 is two years, but most plans for Chapter 13 take three to five years to resolve.

Chapter 13 is a 3 to 5-year payment plan supervised by the Nebraska bankruptcy court. Chapter 13 does everything a Chapter 7 case does plus more?a lot more. Generally speaking, a person files Chapter 13 when they are somehow disqualified from filing Chapter 7 or they need the special protection offered in Chapter 13.

A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.