Making financial decisions often means making major and life-impacting choices. When individuals in New Jersey and elsewhere take action to get their debts in order, sometimes that means initializing debt relief processes such as bankruptcy.
While personal bankruptcy such as Chapter 7 and Chapter 13 can help people address their financial problems, our law firm understands that the process includes many concerns such as whether they get to keep possessions such as their home or vehicle.
Protecting Assets In Personal Bankruptcy
The need or desire to protect assets is not uncommon when a person goes through bankruptcy, and fortunately, bankruptcy exemptions allow filers to keep some of what they own during the process. This often includes assets and property such as retirement accounts, home and some home equity, vehicles, furnishing, personal possessions and valuables up to a certain amount. While these exemptions exist, they are only allowed up to a certain amount.
Both state and federal exemptions provide options for bankruptcy filers to keep some or most of their possessions. Our attorneys are knowledgeable about the exceptions available for each type of bankruptcy filing and have helped past clients successfully protect various assets during bankruptcy.
While bankruptcy exemptions are available, they do not protect all assets and property because in some cases, assets need to be liquidated in order to pay off creditors. Our firm understands the importance of considering the various types of bankruptcy filing in order to determine the best route; allowing for maximum protection.
Learn More From a Personal Bankruptcy Attorney
Those considering debt relief options such as personal bankruptcy should learn more about the process and how it could impact them once completed. For help with your bankruptcy questions, schedule a free consultation with one of our personal bankruptcy attorneys today.