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.
Often, bankruptcy attorneys think their role is simply to assist the client in having their papers completed properly, and on time, and to ensure that the entire process goes smoothly. In essence, they act as an intermediary between the client and the court and/or bankruptcy trustee. Many don’t see it as their role to minimize the client’s losses in bankruptcy.
Some bankruptcy lawyers won’t discuss defensive pre-bankruptcy planning strategies. They can ‘throw you to the wolves’ with little, if any, protection if they file too soon without adequately protecting you first.