Bankruptcy Law

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How do I decide to claim bankruptcy? And can I protect my…

How do I decide to...
How do I decide to claim bankruptcy? And can I protect my assets?
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Answered in 6 minutes by:
3/9/2018
Sean K
Sean K, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 877
Experience: Attorney/Member in Private Law Firm
Verified

Hi, I’m Sean and I will be assisting you as an expert today. I’m an attorney with more than 20 years of experience. It is my goal to provide a solid overview of your situation. Whether the analysis is good or bad as to your matter, I want to make sure you understand any points you need and that you have options to better address the questions you have. If I am able, I will also provide you with some resources.

I am sorry to hear that you are experience problems. I will address a couple of areas of bankruptcy, but I always suggest tht you speak to a bankruptcy attorney in your local area.

Essentially bankruptcy is designed to assist people in managing debt and at the same time retaining assets. In large part, though there are a variety of options, you will either seek to discharge all of your debts while retaining assets such as a vehicle and you home. There are cases where some items may be lost in bankruptcy, but the idea to allow this to be minimized. However people declare bankruptcy everyday and keep all of their assets.

Generally bankruptcy will be a complete purge of all your debts, or an approach where the debts are satisfied for a compromised amount and through a bankruptcy trustee, a monthly payment is allocated among your creditors.

The decision to enter into bankruptcy is one that should be made with the assistance of a bankruptcy attorney, but you may determine that you are in need of bankruptcy if your monthly earnings are insufficient to manage your debt. If this is the case, a bankruptcy consultation may be necessary and beneficial.

Bankruptcy can impact your credit, but that is something the bankruptcy attorney can help you with.

Please note: This is general information for educational purposes only and is not legal advice. There is no specific course of action is proposed and no attorney-client relationship or privilege formed within this conversation.

If you have any follow up questions it would be my pleasure to answer them. As experts we only get credit for the time and effort we spend on our answers if you rate us positively - 5 stars is definitely appreciated but not required! There is no cost associated with you rating me and you can still ask follow up questions after rating me and I will respond.

One final point, there may be a delay between your question and my answer; this is because I'm either not at my computer or helping someone else but rest assured, if you ask, I will provide an answer. Thank you again.

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Customer reply replied 4 months ago
Would my assets be taken?

The goal of bankruptcy is to allow assets to be kept. For instance, the idea of your home in bankruptcy is to keep it. The same with your car. Retirement also the same. Now, if you have a large number of liquid assets or income producing properties in your name, then it may be different as, let's say you had $50000 in debts and $100000 in the bank in cash. I do not believe you would lose the $10000 in assets, but I also don't believe you would be allowed to declare bankruptcy as you have the liquid money to pay the debt. One thing a bankruptcy attorney does is to look at all your assets, let you know if you could declare bankruptcy and then will help you formulate to keep as many, if not all of your assets as possible.

Bankruptcy does not put you on the streets debt free without money, a car or a place to live.

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Customer reply replied 4 months ago
If I have a business. Would that be taken? It lost money for the year 2016 and my accountant hasn’t finished my 2017 taxes yet but believe lost or broke even. I have no cash (minimal) and a house w 150 equity a business that is failing but just signed P&S to sell a motorcycle under repo status a a 2016 fourrunber where I owe about what it’s worth. In essence I would lose whatever cash but not these items? Also I have a 401 That is h see my name but also my moms “in the care of”. That would be left alone? And could I take it w out my mothers permission?Thank you for your help

As to the 401k, check with the financial institution who administers if. If it is ERIAS qualified, it cannot be used in bankruptcy. Also keep in mind that in bankruptcy a bankruptcy attorney is critical to have and they will help with a plan to protect as many of your assets as possible.

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Customer reply replied 4 months ago
Ok thank you very much

You are certainly welcome.

You are certainly welcome and 5 star review are always appreciated. You can also ask follow up questions after rating. Thanks again!

Sean K
Sean K, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 877
Experience: Attorney/Member in Private Law Firm
Verified
Sean K and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 4 months ago
5 stars given thank you again

Certainly and thank you.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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