What is Bankruptcy?

Remember playing the game “Monopoly” when you were young? Each player would try and bankrupt the others until one player was sitting with all of the cash and property. If you were the player landing on luxury tax and having to pay incredible rent to a player with a hotel on Boardwalk, you were the one trying to mortgage your properties and negotiate with the player just to keep from declaring bankruptcy. Because, essentially, in the world of Monopoly, declaring bankruptcy means the end of the game for you.

Monopoly Bankruptcy

Image Credit: ptmoney.com

Good thing reality is not like the board game. In reality, a Nebraska¬†bankruptcy is not the end of the game for you. Bankruptcy is your shot at a fresh start, a clean slate, if you will. Bankruptcy eliminates most debt that you may have in order for you to begin being a consumer of new products so that the economy continues to grow. In the context of Monopoly, if you couldn’t afford to pay the rent on Boardwalk, declaring bankruptcy allows you to continue playing the game. You may have some property liquidated to pay a portion of your debts, but Nebraska state law allows you to keep basic necessary items that you will need for your fresh start, called bankruptcy exemptions. Depending on the circumstances of each case, property such as equity in a home, car used for work, retirement accounts, household goods, clothing, and some cash, may be saved.

Nebraska Bankruptcy Law is complicated and you most certainly need the assistance of a qualified Lincoln, Nebraska bankruptcy attorney to help you determine whether Chapter 7, Chapter 11, Chapter 12, or Chapter 13 is in your best interests. Each “chapter”, or type of bankruptcy, has its positive and negative attributes, but your lawyer’s job is to help you minimize the negatives based on your unique situation.

Don’t worry about landing your monopoly piece on Marvin Gardens. With the proper advice from Caldwell Law, you will become debt free. You won’t be able to collect $200, but you will still be able to pass “GO”!

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