Filing for Bankruptcy: What Can You Protect?

Filing for Bankruptcy: What Can You Protect?

If you watched the video above, you know that your tax refund can be taken if you file for chapter 7 bankruptcy. I would not be a good Florida debt relief lawyer if I didn’t also explain what you can do to protect that refund. The method is not complicated: Wait to file for bankruptcy. That’s it.

Bankruptcy exemptions protect your property in bankruptcy. If an asset is exempt, you can keep it. Each state decides the exemptions available for filers. If you don’t want the trustee to take the money in your savings account, check your state’s exemption laws before filing your case to make sure you can exempt the funds. bankruptcy filing. filing for bankruptcy and the time after can be frightening.

The 180-day rule is intended as a disincentive to those who might file for bankruptcy early, to protect an anticipated inheritance. Without the time limit, a debtor could file early to avoid the inheritance becoming part of the bankruptcy estate.

The purpose of bankruptcy isn’t to strip you of all of your belongings-it’s to give you a fresh start. In addition to protecting the basics, you’ll likely be able to protect other things, too, like religious texts, a seat in a house of worship, or a burial plot.

People considering bankruptcy often want to do what they can to minimize nonexempt property (assets you can’t protect) that they might lose in bankruptcy. Often this nonexempt property is cash or a deposit account because most states don’t provide much of an exemption (if any) for cash.

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Filing for Bankruptcy: What to Know If you plan to file for bankruptcy protection, you must get credit counseling from a government-approved organization within 180 days before you file. You also have to complete a debtor education course before your debts can be discharged. Approved Credit Counselors and Debtor Educators

If you file for Chapter 7 bankruptcy, you will get to keep your car because the exemption will protect the equity fully. In the same example, if your car is worth $15,000, the bankruptcy trustee will likely sell your car, pay you $5,000 for the exemption, and pay the rest to your unsecured creditors.

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