An experienced bankruptcy attorney understands that bankruptcy laws can be used to strategically protect clients' important assets. These assets, including personal property and possessions, can be of sentimental value and they may be of high monetary value. In other words, a bankruptcy does not necessarily have to be just about eliminating debt. It may also be the legal mechanism by which clients protect cherished assets.
Syracuse Protecting Assets Attorney
Bankruptcy law allows many different strategies for asset and wealth protection. First, in any bankruptcy, the laws generally allow houses, cars, personal belongings and retirement accounts (IRA, 401(k), 403(b)) to be protected by a legal mechanism called an "exemption." If an item qualifies for an exemption, then the client will be able to keep that asset.
Many times clients find themselves the victims of wage garnishments, or creditors demanding that they empty out their retirement accounts. Unethical predatory "lenders" provide bad loans to people, knowing the loan is unaffordable and risking that the client will use any valuable assets to pay off the loan rather than not pay it. Bankruptcy protects retirement accounts and nest eggs. Instead of putting this money into the hands of an unethical predatory lender, you can protect the investment and provide care for your family: health care, retirement, education and investments.
In rare cases if you are unable to protect the asset, you may be able to negotiate favorable terms with the creditors or bankruptcy trustee. Such negotiations may enable you to pay a sum of money instead of losing your car or other valued belongings.
Contact an Ithaca NY Asset Protection Attorney
For a completely discreet and confidential free initial consultation regarding asset and wealth protection, contact a lawyer from the Syracuse Law Group. You can also schedule your appointment with us by contacting our New York firm online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.