Bankruptcy Exemptions and Asset Preservation
Explore Bankruptcy Exemptions
At the beginning of a bankruptcy, all assets, properties, claims and holdings of the individual or business become part of the Bankruptcy Estate, which will be reviewed in the bankruptcy process. These are the items that will be considered for possible liquidation, vulnerable to be lost, particularly in Chapter 7. Therefore, it’s important to explore bankruptcy exemptions.
New York Asset Protection Attorney
You don’t lose everything, though. In each form of bankruptcy, there are certain exemptions allowed of property, assets, and claims that shelter these from the bankruptcy. These exemptions help individuals keep certain holdings that might otherwise be liquidated.
It is vital that you have an experienced, knowledgeable attorney on your side that understands exemptions and your goals for the bankruptcy. At Ackerman Fox, LLP, we are committed to understanding the needs of each client, helping him or her save as much as possible through the course of filing.
Many times individuals will attempt to navigate the exemptions process by themselves, incorrectly or incompletely filling out applications and missing crucial steps. This creates problems that immediately start the process off badly. Not only do these errors result in processing problems and delays, they diminish credibility with lenders who are already hesitant to be flexible.
To avoid these issues, you need the skilled representation of a firm that understands the exemptions process and how best to accomplish the client’s goals. At Ackerman Fox, LLP, our lawyers have assisted countless clients to preserve assets and claims in their bankruptcy case.
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