What Is Asset Protection?
Asset protection is a set of strategies and legal tools used for protecting assets from lawsuits and claims of creditors. A judgment creditor may attempt to seize your bank account or garnish your wages? Liens may be placed on your real estate holdings after a creditor obtains judgment.
Here is an explanation of the process of asset protection.
- First, we will review your assets, risks and financial goals.
- Then, the planning process may include establishing structures, such as trusts and companies to create legal barriers between creditors and you, as the debtor. The strategies often use a combination of business and estate planning tools. There are other tools at our disposal, but we will discuss all of this when we meet.
Why Do I Need Asset Protection?
A properly established plan performs three primary functions: lawsuit deterrence, settlement negotiation leverage and/or placing your assets out of the reach of a legal opponent. Ideally, you should engage asset protection planning prior to a lawsuit or cause of action. However, if you have have not done so, you can implement it virtually any time. Every situation is different, however. We encourage you to call us and speak to one of our experienced asset protection attorneys or consultants. You can also fill out a free consultation form above.
Asset Protection & Bankruptcy
Due to the way that some forms of bankruptcy are set up, it is possible that filing would allow creditors to seize and liquidate a number of your assets in order to help cover the money owed. Fortunately, there are some exemptions in the Bankruptcy Code that allow you to keep certain property after filing for bankruptcy.
What Are These Bankruptcy Exemptions?
With more than 50 years of combined experience in the field, our team at Buchalter & Pelphrey has seen numerous cases come and go, and we have learned what you can keep when filing for bankruptcy.
There are numerous exemptions set forth to help you keep essential items. We will help you understand these exemptions and work with you to keep a majority of your property.
Some exemptions include:
- Vehicles (to a certain limit)
- Homes (to a certain limit)
- Household furniture
- Household goods
- Retirement assets
How Buchalter & Pelphrey Attorneys At Law Can Help
Because we understand how difficult this time can be for you, our firm works to stand by your side every step of the way. You should never have to feel alone when dealing with financial distress.
Our team makes it a point to provide personalized attention focused on your:
- And goals
We truly care about helping you understand asset protection and how we can help because we know that you probably already feel as though you are losing a lot, and to lose your property would be even more stressful.
We have handled thousands of cases and utilize this knowledge to help our clients move towards their desired outcome with confidence. From start to finish, you can count on us to be by your side, ensuring that your petition is filled out correctly and your property is listed accurately, giving you an increased chance of keeping your assets.
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