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Recent Posts in Bankruptcy Category

What are some precautions for debtors planning bankruptcy?

Involve an Asset Protection Attorney in your planning. The interplay between Asset Protection and bankruptcy law can be extremely complex, and the new bankruptcy laws raise many unanswered questions. ...
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How can I protect my non-exempt assets in a bankruptcy?

The safest strategy to protect non-exempt assets is to convert unprotected assets into exempt assets. But you must then wait forty months before you file bankruptcy. A well-drafted limited partnership ...
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Can bankruptcy stop foreclosure of my property or seizure of other assets by a judgment creditor?

Bankruptcy automatically stops creditor lawsuits, collections or repossessions. The automatic stay under bankruptcy further transfers pending or future collection and debtor-creditor cases from other ...
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What debts are not dischargeable in bankruptcy?

Bankruptcy won’t extinguish every debt. Debts usually not dischargeable in bankruptcy include: Federal taxes less than three years old and state and local taxes Child support and alimony Student ...
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Five timing factors to consider when filing bankruptcy

Bankruptcy timing is critical. Debtors frequently file too soon or too late. In either instance, they lose possible benefits from their bankruptcy. Some tips: 1) Collect your tax refunds before you ...
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What are the different types of bankruptcy?

There are several forms of bankruptcy. Each is designed for individuals and businesses in different financial situations. Chapter 7 Chapter 7 Bankruptcy, also known as straight or liquidating ...
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If I am sued, wouldn't it make sense to simply file bankruptcy rather than defend against the claim?

Bankruptcy may be your best option if you are convinced you can’t win and can’t settle, or if you have few assets to lose in bankruptcy. The mere threat of bankruptcy may be enough to ...
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When should you consider bankruptcy?

Any debtor with serious financial problems should consider bankruptcy. However, bankruptcy isn’t always the right answer. Bankruptcy is the answer only when you have too many debts to pay from ...
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The role of bankruptcy in Asset Protection planning

Bankruptcy is increasingly necessary for the financially-troubled individual and company. More than two million individuals and companies file bankruptcy annually; not a surprising statistic once you ...
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What property is exempt in bankruptcy?

In Chapter 7 bankruptcy, the trustee liquidates the debtor’s assets for the benefit of the debtor’s creditors. However, an individual can keep certain property for the debtor to gain a ...
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Does bankruptcy change my retirement plan's protection?

Recent bankruptcy law changes have expanded the lawsuit protection for IRAs. The new rules protect IRA rollovers from tax-qualified plans, regardless of where the IRA owner resides. The new bankruptcy ...
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The Presser Law Firm, P.A. - Asset Protection Attorney
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