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How to Get Debt Relief in Nebraska

Sarah Edwards | October 19, 2022

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Edwards is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

When you get the debt relief you deserve ^^

Summary: If you're struggling with debt in Nebraska, SoloSuit can help you find the relief you need.

Nebraska is a great place to live, with plenty of opportunities to get into agriculture. The state also has some of the best universities in the country specializing in research and dentistry.

As you might expect, football is also a big deal. Despite being a largely rural state, Nebraska has an economy based on more than just agriculture. The state has an average per capita income of $62,095 and a median household income of $63,015.

The average Nebraskan has $28,238 in debt, making it difficult to make ends meet. Luckily, there are a few options for debt relief in Nebraska. If you want to learn more about the different options available, consult a financial advisor. They can help you figure out the best way to get out of debt and back on your feet.

Debt in Nebraska: An outlook

In 2021, the average American owed $52,940 in debt and a median credit card debt of $6,569.

The good news is that the average credit score in Nebraska is 728, which is above the national average of 710. This means that Nebraskans are generally doing a good job of managing their debts.

If you're struggling with debt, don't wait until it's too late to get started on debt relief. There are resources available to help you get out of debt and stay out of debt.

How to get debt relief in Nebraska

If you're struggling with debt, you might be feeling overwhelmed and hopeless. But there are options for debt relief in Nebraska. The rest of this article explores the following debt relief options:

  • Nebraska debt relief financial assistance programs
  • Debt consolidation
  • Debt settlement
  • Home equity loans and HELOCs
  • Research credit counseling
  • Debt management programs
  • DIY relief
  • Bankruptcy

Let's jump right in!

Use these Nebraska debt relief programs

The state of Nebraska has several resources for its residents who are experiencing financial challenges. Check out these debt relief and financial assistance programs to see if you qualify:

  • Community Services Block Grant (CSBG): This program involves a federal, anti-poverty block grant that provides base funding for Nebraska's nine local Community Action Agencies (CAA). These agencies create, coordinate and deliver programs and services to low-income families in all 93 counties of Nebraska.
  • Emergency Assistance Program: Provides help to families in situations which are threatening the health or wellbeing of an eligible child and family.
  • Low Income Home Energy Assistance Program (LIHEAP): Provides financial assistance to offset the costs of heating and cooling.
  • Low Income Household Water Assistance Program (LIHWAP): Provides financial assistance to water utility providers for eligible households whose water utility services (drinking water or wastewater) are disconnected or past due.
  • Aid to Dependent Children (ADC): Provides cash assistance to low income families with children. ADC is funded by the Temporary Assistance for Needy Families (TANF) program.

See if a debt consolidation loan is right for you

As the name suggests, a debt consolidation loan is a loan that you use to pay off your other debts. This can be a great pick if you have multiple debts with high interest rates.

By consolidating your debts into one loan with a lower interest rate, you'll:

  • Save money on interest
  • Make it easier to repay your debt

There are two types of debt consolidation loans: secured and unsecured. A secured loan is underwritten by collateral, such as a home or car. An unsecured loan isn't supported by collateral and typically has a higher interest rate.

Explore debt settlement

Debt settlement is an agreement between you and your creditors to pay off your debt for less than you owe. For example, let's say you owe $20,000 on a credit card. You might be able to cut a deal with the creditor to settle the debt for $15,000.

Debt settlement can be a good option if you're struggling to make your minimum payments or are already behind on your payments. However, it's important to know that debt settlement will hurt your credit score.

Before you consider debt settlement, speak with a financial advisor to see if it's the right option for you.

Home equity loans and HELOCs

If you own a home, you may receive a home equity loan or HELOC (home equity line of credit) to pay your debt.

A home equity loan is normally secured by your home. If you default on the loan, the lender could foreclose on your home. A HELOC resembles a credit card as it's a revolving line of credit that you can use as needed. The difference is that your home secures it.

Home equity loans and HELOCs typically have lower interest rates than unsecured loans like personal loans and credit cards. But they come with the risk of foreclosure if you can't make your payments.

Research credit counseling

Credit counseling is a service that allows you to better understand and manage your finances. A credit counselor will work with you to create a budget and develop a plan to get out of debt. They may also negotiate with your creditors on your behalf to lower your interest rates or waive late fees.

Research a company before you sign up for its services. You can check with the Better Business Bureau (BBB) to see if any complaints have been filed.

Check into debt management programs

A debt management program is a type of credit counseling—but not all credit counselors offer debt management programs.

This program is a repayment plan administered by a nonprofit credit counseling contractor. The firm will work with your creditors to lower your interest rates and waive fees. They'll also work with you to create a budget and develop a plan to get out of debt.

Once you're enrolled in a debt management program, you'll make one monthly payment to the credit counseling agency. In turn, the agency will then disburse the money to your creditors.

A debt management program can be a good option if you struggle to make your minimum payments or are already lagging on your payments.

Consider DIY relief

If you have a good credit score, you might be able to get relief by yourself. You can start by calling your creditors to see if they're willing to lower your interest rates or waive fees. If you have a great payment history, they might be willing to work with you.

You can also shop for a balance transfer credit card or personal loan with a lower interest rate. This can save money on interest and pay off your debt faster.

Before you sign up for a balance transfer credit card or personal loan, read the fine print. Pricing and terms can vary depending on the issuer. And calculate if the interest rate is lower than what you're currently paying so you don't pay more in interest over time.

Bankruptcy: the last resort

Bankruptcy is a legal process that allows you to discharge your debts and get a fresh start. Consumers can file two types of bankruptcy: Chapter 13 and Chapter 7.

Chapter 13 bankruptcy is also known as reorganization bankruptcy. It lets you repay your debts over time. You'll need to create a repayment plan and get court approval before you can file for Chapter 13 bankruptcy.

Chapter 7 bankruptcy, or liquidation bankruptcy, is the most common type of consumer bankruptcy. With Chapter 7 bankruptcy, your assets are sold to repay your creditors. But there are some exceptions, like certain types of home loans and car loans.

Filing for bankruptcy should be a last resort only after you've tried other debt relief methods. Bankruptcy can remain on your credit report for up to ten years. It can also make it difficult to get approved for new lines of credit and make it more expensive to borrow money.

SoloSuit can help you get out of debt

A journey of a thousand miles begins with a single step. And the journey to debt relief starts with education. Take some time to learn about your options and find the best solution for your situation.

SoloSuit can help you do it yourself or find the right debt relief company. We offer a free web app to answer questions about your debt situation and give you personalized recommendations.

If you need to reply to a debt-related suit, our software makes it easy to create your own response and file it with the court. We also offer a paid option if you want your response reviewed by an attorney.

What is SoloSuit?

SoloSuit makes it easy to respond to a debt collection lawsuit.

How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.

Respond with SoloSuit

"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James

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>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

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