Bankruptcy,Attorney,Saving,You law Bankruptcy Attorney - Saving Your Assets
Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi
A bankruptcy attorney is a professional who specializes in helping people to get rid of debt they cannot pay. You will find yourself unable to pay your debts in many instances. For example, you may be struggling after significant medical bills or you may be dealing with problems in relation to poor spending decisions. Whatever it is, it is a good idea for you to consider your ability to get out of debt on your own. If you cannot pay off your debts within three to five years, it may be time to consider hiring this professional.What About Assets?Assets are things you own. If you own a significant amount of property, personal items, expensive jewelry, electronics or numerous vehicles, you may lose some of them in the process of going bankrupt. Here is why. The goal of the trustee that works for the courts is to liquidate, or to sell all of you excessive assets and use the funds to repay any or all of your debt. This occurs in Chapter 7 in which is known as total liquidation. In Chapter 13, another form, you do not lose any of your assets. Rather, you will be working over three to five years to repay much of your debt. During this time, you will have limited discretionary income but you will find it possible to help yourself to get out of debt.Protecting AssetsOne thing that a bankruptcy attorney can help you with is finding ways to protect some of your assets. One way to do this is with exemptions. Every state and even the federal government offers exemptions. This could be a certain dollar amount or specific types of property that you have the right to maintain even after going bankrupt. These change widely from one state to the next, but often you are able to protect your home's value up to a specific value or hold onto one vehicle. Your lawyer will help you to determine which exemptions are available.It is not a good idea to try and hide assets from the courts during this process. Your bankruptcy attorney should not advise you to do this either. The key point to remember here is that these professionals need to ensure you remain legally protected and that your rights are in line. However, it is a good idea to be upfront with the trustee to ensure you can handle the sale of property properly.There are many ways to protect assets and in some situations your bankruptcy attorney can help guide you through the decision making process of what to sell. If you do have a large number of assets that you do not want to use, you may want to consider filing Chapter 13 instead of total liquidation. However, every situation is different. Having a trusted lawyer to discuss your needs with, you will find yourself in a better position to reduce your loss. Article Tags: Bankruptcy Attorney, Good Idea
Bankruptcy,Attorney,Saving,You