How do you protect your personal assets in a bankruptcy? 24 Answers as of June 28, 2011

How do you protect your personal assets in a bankruptcy?

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Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
Each state has exemption laws that are used to protect your personal property. You should research your state's laws very carefully, or use an attorney who can go over the laws with you and make sure it is done correctly.
Answer Applies to: California
Replied: 6/28/2011
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
The best ways to protect your personal assets in a bankruptcy are to (1) consult with a Certified Specialist in Bankruptcy Law like me; and (2) be sure that you understand and use all applicable exemptions that are available to you. Planning ahead may give you time to take maximum advantage of the bankruptcy laws and exemption laws that protect you.
Answer Applies to: California
Replied: 5/17/2011
Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
You should seek guidance from a bankruptcy attorney regarding the "exemptions" available to you in your circumstances.
Answer Applies to: Indiana
Replied: 5/12/2011
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
You protect personal assets in bankruptcy through the use of exemptions. You declare them, schedule then and then exempt them from the trustee's taking.
Answer Applies to: California
Replied: 5/11/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
Personal assets can be claimed exempt in bankruptcy if their value does not exceed certain limits. Those limits are spelled out in two different "schemes." You are allowed either the protections of California Code of Civil Procedure Section 704 etc. or Section 703. Generally speaking Section 704 is used when there is a lot of equity in a family residence or "homestead." Section 703 is more useful when there is a variety of assets, including those easily reduced to cash. For more specifics consult with a certified bankruptcy specialist (find one at the State Bar website.)
Answer Applies to: California
Replied: 5/11/2011
    Law Offices of J. L. Haddock, PLLC
    Law Offices of J. L. Haddock, PLLC | Jared L. Haddock
    One can protect their assets from liquidation to some degree in Chapter 7 through the use of statutory exemptions. There are federal exemptions one may use and some states have statutory exemptions that may be elected instead of the federal exemptions. There are limits on most exemption categories for equity values and it is very important to use such exemptions properly. An experienced Chapter 7 Bankruptcy attorney will be able to apply your exemptions in the best manner possible to protect your assets so long as you provide them with information about your assets and their values. Please do not attempt this without competent legal counsel. I hope this information helps.
    Answer Applies to: Michigan
    Replied: 5/11/2011
    Benson Law Firm
    Benson Law Firm | David Benson
    You can protect your personal assets in bankruptcy through good bankruptcy planning and hiring a good bankruptcy lawyer, who will be in the best position to take advantage of all exemptions available in your jurisdiction and help you decide under which Chapter to file.
    Answer Applies to: Ohio
    Replied: 5/11/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    Through the use of exemptions. If you are in my area and are looking for an attorney, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 5/11/2011
    Robert Peters, P.A.
    Robert Peters, P.A. | Robert L. Peters
    That is a very difficult and complex question. The simple answer is that you dont protect your assets. Selling, hiding or giving away assets in contemplation of bankruptcy is a crime. Bankruptcy sometimes means you give up assets in order to discharge more in liabilities. This one really reacquires a meeting with an attorney and a thorough explanation of the purpose and procedure in bankruptcy.
    Answer Applies to: Florida
    Replied: 5/11/2011
    Dearbonn Law Offices
    Dearbonn Law Offices | Ajibola Oluyemisi Oladapo
    Disclose all the assets and exempt them with state or federal exemptions whichever obtains in your state. Please note that this answer should not be construed as giving legal advise.
    Answer Applies to: Washington
    Replied: 5/10/2011
    The Law Offices of Robert L. Driessen
    The Law Offices of Robert L. Driessen | Robert L. Driessen
    Talk to an attorney to assist you in your bankruptcy.
    Answer Applies to: California
    Replied: 5/10/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    You claim the exemptions available under California law for the property you own on Schedule C.
    Answer Applies to: California
    Replied: 5/10/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    See a lawyer..... that is what smart people do to protect their assets. An experienced lawyer can advise you on what you can and can not do.
    Answer Applies to: California
    Replied: 5/10/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    That depends on which chapter of bankruptcy you file. In a Chapter 13 or 11 case, all assets are "protected" assuming you pay out as much as your creditors would get in a Chapter 7 case. In a Chapter 7, they assets are protected up to the amount of any available exemptions that are taken. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
    Answer Applies to: California
    Replied: 5/10/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    Exempt them under applicable code. CA offers up to 23K protection for anything not otherwise covered. Most personal property has 100 percent protection.
    Answer Applies to: California
    Replied: 5/10/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    Certain property can be protected through exemptions. In a Ch 7, the debtor gets to keep his exempt property. In a Ch 13, although the debtor normally is able to retain possession of exempt property, the debtor is nevertheless required to pay the value of nonexempt property into the Ch 13 plan for payment to unsecured creditors.
    Answer Applies to: Washington
    Replied: 5/10/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    There are various state and federal exemptions that can be claimed to protect specific assets up to certain values. Also, if a specific asset has a lien against it then it will not be lost in the bankruptcy so long as you are willing to keep making the payments on the loan.
    Answer Applies to: Arizona
    Replied: 5/10/2011
    California's Largest Family of Attorneys
    California's Largest Family of Attorneys | Doan Law Firm
    Via the use of applicable exemptions under the state code or Bankruptcy code.
    Answer Applies to: California
    Replied: 5/10/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    You claim your state's applicable exemptions, whatever they may be.
    Answer Applies to: California
    Replied: 5/10/2011
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    You apply the exemption laws to them. The law gives you particular amounts and/or types of assets you may retain despite a bankruptcy filing. This is one area of a petition on which you do not want to skimp. Talk to an attorney about this aspect of the law as far in advance of actually filing as possible. You may contact us for a free initial consultation.
    Answer Applies to: California
    Replied: 5/10/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Usually that is by the available exemptions which can be used in a bankruptcy case. Exemptions vary by state, so it is best to consult with an attorney to properly use the exemptions in your state to protect, some, most, or all of your property.
    Answer Applies to: California
    Replied: 5/10/2011
    Law Office of Larry Webb
    Law Office of Larry Webb | Larry Webb
    State and Federal Law provides you with exemptions to keep your property. Assets with a lot of equity can be at risk. You question is too general for a specific answer. If you have lots of equity or cash, you assets may be sold to pay your creditors. Consult with an Attorney.
    Answer Applies to: California
    Replied: 5/10/2011
    Law Office of Harry L Styron
    Law Office of Harry L Styron | Harry L Styron
    The question does not provide enough information to respond. I suggest that you consult with a Bankruptcy Attorney with the specifics of your question.
    Answer Applies to: California
    Replied: 5/10/2011
    Law Offices of Steven A. Wolvek
    Law Offices of Steven A. Wolvek | Steven A. Wolvek
    In California you can protect certain assets by claiming the appropriate exemption. An exemption is like a "get out of jail free" card from Monoploy. It allows you to keep the property from liquidation. In California there are two sets of exemptions used which are in the California Code of Civil Procedure. One of the most important aspects of bankruptcy is to make sure all the things you own can be protected. The best way to do that is to consult with a licensed and experienced Bankruptcy Attorney.
    Answer Applies to: California
    Replied: 5/10/2011
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