If your possessions are not fully protected by the available property exemptions under Chapter 7, Chapter 13 can save the day.
You can usually keep your tax refund(s), although doing so may take some maneuvering.
Protect your otherwise unprotected asset(s) by flexibly paying to do so under Chapter 13. Maybe you wonât even need to pay anything extra.
Most people who file bankruptcy under Chapter 7 do not have to surrender anything to their trustee because everything they own is “exempt.”
Last month’s decision in Clark v. Rameker affects millions, if not billions, of dollars in IRAs.
One woman’s trip through the bankruptcy appeals process, with a total of 21 judges or justices giving her more than her day in court.
Almost all forms of retirement are protected. Inherited ones aren’t, unless you are the spouse, or maybe if you live in the right state.
Some debtors can, but others cannot, choose between the federal and state exemptions. That’s because of a major political compromise.
An Individual Retirement Account no longer consists of “retirement funds” once it is transferred to a beneficiary. So it’s not exempt.
You may have assets not protected by the property exemptions. If you owe recent income taxes, surrender the assets so the taxes get paid.
Bankruptcy focuses (for most purposes) on assets you own as of the moment of filing. So consider using up unprotected assets before then.
One strategy to prevent the loss of asset value in bankruptcy is through very cautious conversion of unprotected assets into protected ones.
By filing your bankruptcy after applying appropriate asset management strategies, you can save your assets and pay the right creditors.
Even a simple Chapter 13 case can do some very special things.
Protect your business assets immediately with the “automatic stay” and permanently with property exemptions.