Protect Your Assets During Your Personal Bankruptcy

Posted by William Kain on December 20, 2016 at 9:25 AM
William Kain

One of the concerns we address with almost every client is the fear of losing assets in bankruptcy. The belief that you will lose your property when you file bankruptcy is a myth perpetuated by creditors and others to instill fear so you will not consider bankruptcy as a solution to your debt. However, here is the truth: your assets can be protected during personal bankruptcy.

In fact, filing a bankruptcy case can even SAVE your assets from being seized and sold by creditors. Individuals who may potentially face foreclosure or repossession can file bankruptcy to keep their house, vehicles and personal property. When you file a bankruptcy case, the automatic stay prevents creditors from continuing or starting actions to foreclose or repossess your property.

Protecting Assets in a Bankruptcy Case

We understand that our clients are concerned about losing their property if they file bankruptcy; therefore, we always take time to answer all of your questions and concerns about asset loss, and bankruptcy in general. As bankruptcy attorneys, we know the Bankruptcy Code like the back of our hands. We are aware of all applicable bankruptcy exemptions that can be used to protect assets in bankruptcy, and we’ll be able to tell you which will work under your circumstances. We use this knowledge and expertise to help our clients get their lives back, which means keeping their property.
Our extensive experience representing bankruptcy clients has given us the ability to quickly review a case to determine if assets may be in jeopardy. There are two ways in which we can protect those assets in a bankruptcy filing.

Protection Option #1: Bankruptcy Exemptions

The first way we protect your assets in bankruptcy is by using applicable bankruptcy exemptions. Each debtor is allowed to claim certain property exempt from creditors and from the trustee. This means that neither the court nor your creditors can liquidate the assets and use the profits to pay your debts. As experienced bankruptcy attorneys, we know the best ways to apply these bankruptcy exemptions to get the most protection for your assets.

Protection Option #2: Bankruptcy Reorganization

Many people believe that if they have assets that are in jeopardy of liquidation, bankruptcy isn’t the right solution. This also, is untrue. In many circumstances debtors are able to file a Chapter 13 bankruptcy case, to protect their assets from creditors and the court.

We’ll use our knowledge and experience to draft a Chapter 13 plan that helps you protect your property, while paying only the amount you can afford. You will then be able to restructure your debts, keep your assets and emerge from Chapter 13 with a fresh start and a brighter financial future.

Bankruptcy is All We Do

Our slogan is, “Bankruptcy is not just what we do, it's ALL we do!” We know bankruptcy law and rules backwards and forwards. Hiring attorneys who have committed their entire practice to helping clients just like you provides you with more advantages over those who go elsewhere for their bankruptcy assistance:

  • Up-to-date knowledge of the Bankruptcy Code, Bankruptcy Rules and current case law;
  • Experience working in the bankruptcy court and familiarity with the judges, staff and trustees;
  • Knowledge of what types of strategy will and will not work within the current bankruptcy system;
  • Experience dealing with creditors and knowledge of how these creditors think and react to a bankruptcy case;
  • Experience protecting assets while getting rid of debts;
  • Submitting plans that can be confirmed with as little extra work (and stress for the client) as possible;
  • Understand what clients are feeling and what they are going through; and,
  • Experience calculating the lowest plan payments possible, to give clients the best opportunity to be successful in their Chapter 13 case.

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Topics: Bankruptcy