Bankruptcy Exemptions and Asset Preservation
Explore bankruptcy exceptions.
At the beginning of a bankruptcy, all assets, properties and holdings of the individual are rolled into an estate, which will undergo the bankruptcy process. These are the items that will be considered for possible liquidation or repayment, vulnerable to be lost, particularly in Chapter 7. Therefore, it’s important to explore bankruptcy exceptions.
New York Asset Protection Attorney
You don’t have to lose everything, though. In each form of bankruptcy, there are certain types of exemptions for property or assets that can be sheltered from the bankruptcy. These exemptions help individuals keep certain holdings that might otherwise be liquidated.
It is vital that you have a firm on your side that understands your estate 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 Law Firm, LLP, our lawyers have assisted countless clients in the preservation of assets as they consider or undergo bankruptcy.
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