How Assets Can Be Protected In Bankruptcy
One of the most common concerns among people considering bankruptcy is that they will lose most or all of their belongings. Although there are situations in which you may have to sell some assets in order to pay creditors, there are several assets that are either exempt or can be protected.
I am attorney Michael E. Eisenberg, and I have the strong knowledge of state law and federal bankruptcy law that is necessary to help individuals protect their assets in bankruptcy and other situations.
Protecting Assets In Bankruptcy
There are several assets that are already protected under bankruptcy law, including retirement accounts, life insurance policies and Social Security benefits. However, there are other valuable assets that might be exposed to creditors if they are not properly protected.
By carefully assessing your assets and debts, I can determine how best to handle your situation. During the bankruptcy process, some options are:
- Debt negotiation
- Debt restructuring
- Assessing jointly owned assets
In some cases, however, it may be best to do nothing. If you are facing serious debt, certain asset protection techniques may be seen as attempts to conceal assets or even evade taxes. For this reason, it is very important to work with an experienced lawyer.
Using Estate Planning To Protect Your Property
Even if you are not facing serious debt, it can still be important to protect your assets from any future financial problems. If you have substantial assets, own a business, or are planning to start a business, it is worthwhile to consider protecting what you have from exposure to creditor. An asset protection plan may include:
- Drafting a will
- Establishing trusts that are shielded from creditors
- Forming a corporate entity to protect personal property from debts related to a business
Call An Experienced Attorney Today
When it comes to asset protection, few things are more important than working with an attorney who has the experience and knowledge to help. Call my office today at 267-728-4535 or toll free at 800-851-2534 to schedule a free consultation. You can also contact me online.
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.