Protecting Your Assets During Bankruptcy

If you are contemplating filing for bankruptcy, you may be worried about what will happen to your assets and property during the bankruptcy process. Someone may have told you that all your assets will be liquidated and distributed among creditors. Thankfully, there are ways you can help protect certain types of assets from slipping through your fingers and being parceled out among your creditors.

To receive more information about your options during this challenging time, call a West Palm Beach bankruptcy attorney from Eric N. Klein & Associates, P.A., at 561-353-2800 for a free initial consultation.

Exempt and Non-Exempt Property

Assets that cannot be turned over to creditors during bankruptcy are referred to as being “exempt.” Therefore, this type of personal property cannot be attached or liquidated. If property is not exempt, it could be confiscated. Depending on the circumstances of the case and the type of bankruptcy filed, non-exempt property may include:

• Secondary cars
• Secondary homes
• Boats
• Furniture

A filer’s primary home, however, is usually protected from seizure in Chapter 7 bankruptcy if the filer has owned it longer than 3.5 years. However, if a filer’s home resides on property that extends beyond 160 acres, this additional land may not be protected.

Contact Us

If you or someone you love is considering filing for bankruptcy, call a knowledgeable West Palm Beach bankruptcy attorney from Eric N. Klein & Associates, P.A., at 561-353-2800 for a free initial consultation. Peace of mind and financial security could be within your grasp.