CC Brown Law – Planning Ahead for Asset Protection in Bankruptcy

CC Brown Law Planning Ahead for Asset Protection in Bankruptcy

When it comes to asset protection, bankruptcy is one of the most concerning of situations. During the bankruptcy process, the job of the bankruptcy trustee is not to help you to get out of paying your debt, but rather to help creditors to get as much money as possible out of your estate. This means liquidating the assets you have unless there are methods in place to protect your assets. In situations where the bankruptcy filer does have a significant amount of assets, it is quite important to speak to an attorney who can help you to protect them.

How To Protect Assets:

By planning in advance of filing your Bankruptcy documents, you may be able to protect some of your assets. First off, remember that you can only protect assets legally and you should never attempt to hide assets or to not provide information about those assets. Doing this can result in fraud. The trustee will look back over the last six months or longer to determine if you have made any significant payments to anyone or to any company outside of the mortgage payments. If this does occur, the bankruptcy trustee can require those funds to be returned.

Ways to Protect Assets:

The following are a few ways you can protect your assets during bankruptcy.

Use the state's exemptions. Each state has a set number of bankruptcy exemptions that protect property the filer owns. There are limits on the types of assets and values of them that may be kept.

In some states, you may be able to choose between state and federal exemptions. If this is the case, you will want to determine which set of exemptions offers you the Biggest level of protection.

In some states, you can apply unused homestead exemptions to other property, up to the limit in place.

In addition to this, there may be other ways to convert nonexempt property into exempt property for the protection of exemptions under bankruptcy. However, it is imperative that this is done through the legal advice of an attorney only.

Keep An Attorney On Hand:

As you go for the asset protection, the bankruptcy or other big financial decisions can be sure to work with an attorney. If you attempt to hide assets, you may end up facing fraud charges as a direct result. Your attorney can help you to avoid this.

POST COMMENT

US Government, Going Paperless Help With How To Make The Law Of Attraction Work For You Protecting Yourself if Someone Steals your ID Card or Personal Information Neocons, Teabaggers And Chickenhawks - Saul Alinsky And The Demonization Of Political Opponents Centering on Academic Law Transcription Political Correctness & the War on Facts Getting Your Perfect Law Job in Manchester Why Do I Need a NY Immigration Attorney? What Can an Immigration Lawyer Do For Me? America's guns being used to kill U.S. law enforcement Tennessee law could punish Moslems for practicing Sharia RTI Activist's expose Corruption :Government trying to Curb them The Forgotten Laws - The Law of Thinking