If you are struggling financially, you may be tempted to sell your assets in order to pay your bills. However, if you are also considering filing for bankruptcy protection, selling your assets could be a big mistake. Before you take any desperate measures, contact us for the advice and guidance you need to obtain the best outcome possible for your situation.
Many people do not understand that they can protect certain assets in a bankruptcy filing. The law provides you with exemptions that can protect property such as your home, vehicle, retirement accounts and certain government benefits. Thus, to deplete these assets before filing your case would prevent you from obtaining the full benefit of bankruptcy. Emerging with less debt and all of your assets can ensure your second chance is a success.
It is also important to note that if you transfer or sell assets in the months leading up to a bankruptcy filing, the trustee will investigate the transactions to ensure they are not fraudulent. In other words, the trustee will make sure you are not transferring assets out of your name to keep them out of your bankruptcy estate and out of your creditor’s reach.
Don’t wait until you have made a financial mistake to seek help. If you are considering filing a personal bankruptcy, let us help you plan your filing. Having a strategy in place can help ensure you obtain a successful outcome and the full advantage of a fresh financial start.
If you are considering filing for bankruptcy protection or you need assistance with your student loans, call DeLadurantey Law Office, LLC, at (414) 377-0518. We believe that each client should receive the individual attention necessary to reach their financial goals. Recognizing the needs of working clients, we maintain a flexible schedule and offer evening appointments. Initial consultations are always free, and phone inquiries are always welcomed. Find us on the Internet and on Facebook.