Usually everything you own is exempt (protected). But what happens if you own an asset that is not exempt? What does the trustee do? Chapter 7 is the “liquidation” form of bankruptcy. But in our last blog post we introduced the bankruptcy trustee as an only sometimes liquidator. That’s because in most Chapter 7 cases nothing gets liquidated. Nothing … Read More
You know bankruptcy gives you an overall fresh financial start. But it can provide special fresh starts you may not know about.
Don’t get caught up in a “fraudulent transfer.” It’s easier than you might think to do so, because it doesn’t take fraudulent intent.
Financial wisdom says you should set aside money for 3-to-6 months of living expenses. You can do this even before filing bankruptcy.
Bankruptcy focuses (for most purposes) on assets you own as of the moment of filing. So consider using up unprotected assets before then.
Chapter 13 can be the best way to protect assets. All the more so if you are led there for other reasons, especially for “priority” debts.