What Assets Can I Keep If I File For Bankruptcy?
Bankruptcy is a powerful tool designed to provide debt relief to individuals, families and businesses who otherwise do not have the means to meet their financial obligations. However, for individuals, bankruptcy also comes with stipulations. In some cases of bankruptcy, one of those terms is the seizure and liquidation of nonexempt assets.
Bankruptcy Exemptions For Consumers And Small-Business Owners
Chapter 7 is most commonly used by individuals and families. However, many businesses can make use of Chapter 7 as well. If the company is operated as a sole proprietorship, or if the owner otherwise has personal liability invested in the business, exemptions may be used to protect assets. While corporations or limited liability companies can also file for Chapter 7, none of their business assets will be exempt from seizure and liquidation.
What Assets Can I Keep?
Protecting assets is a primary concern for both consumers and small-business owners who file for Chapter 7. Massachusetts and New Hampshire each have state-specific rules regarding what is considered exempt and nonexempt property. Additionally, the federal government also has its own exemption list. Those who file for Chapter 7 are allowed to use either their state’s exemption list or the federal exemption list. Depending on the circumstances of any given client, the attorneys at Feinman Law Offices will advise on the best choice to protect the maximum amount of assets.
Timing Considerations When Filing Bankruptcy
Feinman Law Offices helps clients make best use of bankruptcy protection by advising on the timing of filing. Issues affecting when to file may include creditor look-back periods, preferential payments, income fluctuations from one year to the next, and when the last payments were made. Through strategic timing advice, the firm’s lawyers have been able to save clients assets and money that may have otherwise been lost. This is part of the law firm’s services aimed at ensuring that its clients resolve their financial issues now and do not face bankruptcy again in the future.
Contact Feinman Law Offices Now For A Free Bankruptcy Evaluation
Feinman Law Offices handles bankruptcy cases in both Massachusetts and New Hampshire for clients in cities like Lawrence, Lowell and Haverhill. To set up your free bankruptcy evaluation, call the firm’s Andover office at 978-494-6669 or fill out this online contact form for an email response.
If you are an individual with primarily household or consumer debts, pursuant to the provisions of 11 U.S.C. §528(a)(4) of the Bankruptcy Code, as amended, you should be advised that this office may be considered to be a “debt relief agency” in that this office provides assistance to individuals to file bankruptcy to seek relief pursuant to the provisions of the Bankruptcy Code.