How to Keep Assets Legal Protected in Bankruptcy

August 16th, 2013 by Reed Allmand

Chapter 13 Bankruptcy

Filing for bankruptcy can help you keep your assets legally without having them seized by creditors to satisfy an outstanding balance or past due debt.  Yet, some who file think they need to hide or withhold information about their personal property in order to retain it.  This action may lead to bankruptcy fraud charges, hefty fines and imprisonment.  You can easily avoid hiding details by being honest before you begin the process.  Being honest about your situation allows you to take advantage of legal processes that can provide the protection you need to keep your assets worry-free. Here are a few tips in gaining a better understanding on legal property protection in bankruptcy.

  • Know what assets can be protected when you file.  Many people who attempt to hide their possessions don’t realize there are a number of exemptions available to help you keep your property legally during or after the filing process.  But, the key here is to know what you can protect and how much of its value.  Common assets bankruptcy helps protect include homes, vehicles, jewelry, retirement accounts, personal banking accounts, insurance policies, and more.  A number of business assets may also be protected if you file as a business owner.

  • Review what exemptions are available in your state.  Each state has a number of exemptions available for various assets. Understand how much protection the exemption offers for the asset in question.  There are exemptions available at the federal level that may provide additional protection.

  • Fully disclose your property and assets with your attorney or trustee.  Even if it is something you are expecting (tax refund, proceeds from a will, or compensation from a legal judgment), you have the opportunity to review protection options before receiving the property.  Taking time to review potential advantages may give insight on how your case can be resolved efficiently.

Reference: http://thealternativepress.com/articles/protecting-your-assets-in-bankruptcy

 

avatar

About Reed Allmand

Website

Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."

View all posts by Reed Allmand

Subscribe

Subscribe to our e-mail newsletter to receive updates.

FAQ

Why do I need to submit a new wage order when I modify my plan

When we modify your bankruptcy plan we are changing your plan payments. This means that we have to get with your employer and change the terms and amount of your wage order. The only way we can do that is by filling out a new wage order form.  

Learn More
What happens if the stay terminates on my home?

If the bankruptcy stay terminates on your home that means that even though your in bankruptcy, your creditor can pursue all there legal remedies they can pursue if you were not in bankruptcy. This includes foreclosure, and having your house sold and evicting you from your house.

Learn More

Find Location

map
  • Dallas Bankruptcy

    5646 Milton Street, Ste. 120 Dallas, Texas 75206
  • Fort Worth Bankruptcy

    860 Airport Freeway, Suite 401, Hurst, Texas 76054
  • More Locations

Meet Our Clients