Bankruptcy Lawyer | What Assets Can’t Be Touched in Bankruptcy?
Bankruptcy Lawyer | You worked hard for the assets you’ve earned. And sadly, if you’re facing bankruptcy, chances are you’re at risk for losing the assets you’ve worked hard to achieve. Luckily, lawmakers have passed acts that shield certain assets. Here are some of those things.
Laws That Protect Assets During Bankruptcy
State and federal laws have been set for what assets can and can’t be garnished by creditors during bankruptcy. These include:
- Traditional and Roth IRAs
- Qualified Retirement Plans
- Homesteads. Important Note: the amount of protection you will get on your home varies greatly from state to state. While some states offer unlimited protection, others other limited to no protection.
- Annuities and Life Insurance. State laws also govern the level of protection that applies to these.
Other Ways to Secure Assets
Asset protection might seem to have a bad wrap, but there are legitimate ways to protect your assets. Some methods include: asset protection trusts, accounts-receivable financing, striping out your equity, and family limited partnerships.
Working with a Bankruptcy Attorney
If you are facing bankruptcy, it’s a smart decision to work with a bankruptcy attorney. They’ll be able to advise you on what assets you can and can’t protect during bankruptcy in addition to how to ensure the assets you can hold onto are secured. They’ll also be able to advise you on how to recover from bankruptcy and regain anything you have lost as a result of the bankruptcy process. – Simon Resnik
Specializing in bankruptcy and foreclosure law for over 20 years. Call attorney David Pinkston for a free consultation today: 904.306.5791. #FloridaBankruptcyAttorney #FloridaBankruptcy
If you are thinking about #bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! 904.306.5791
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