Bankruptcy

Bankruptcy should always be considered when preparing a solid asset protection plan. In October of 2005, Congress, in their infinite wisdom, passed major bankruptcy reform that to this day is still confusing to the most scholared bankruptcy lawyers. Each day lawyers and judges struggle to interpret the new bankruptcy code. The change was fueled by major creditors, but in the end the creditors may not be in any better position.  Unfortunately, some of the changes have effected the debtor’s exemption planning.  Our firm has always made a point to express the importance of creating an asset protection plan prior to any creditor attacks.  Therefore, the new Bankruptcy Act makes advance planning critical especially with the ongoing threat of an involuntary bankruptcy.   No one wants to file for bankruptcy, but with the proper planning a debtor could get a fresh start and retain a significant amount of assets.

YES, YOU CAN LOSE EVERYTHING!