What Happens To Your Assets After Declaring Bankruptcy?
If you are struggling to pay off your debts, it is better to file for bankruptcy sooner. There are many myths about bankruptcy, one of them being that if you file you will still lose everything. On the contrary, the bankruptcy process and bankruptcy laws provide certain exemptions that consumers can use to protect certain assets.
At the Riddell Law Group in Sarasota, Venice, and Lakewood Ranch, Florida, our experienced bankruptcy lawyers and staff can give you the essential legal advice you need to complete your bankruptcy filing correctly and get the fresh financial start you need.
Do Not Drain Your Retirement Accounts To Avoid Bankruptcy
When you file for bankruptcy, your creditors will not be able to collect while you are under the court’s protection. Your bankruptcy trustee, however, will determine the amount of non-exempt assets you have which you will need to turn over to the trustee for liquidation. Your trustee, however, cannot touch your:
- Retirement accounts
- Pension benefits
- Social Security benefits
- Life insurance policies
- Workers’ compensation benefits
We have seen what happens when people drain their retirement savings in an attempt to pay off their debts and avoid bankruptcy. Even if you do not have to file, you will be in worse shape: with no savings to fall back on, you will likely have to work longer.
Call our attorneys before you spend all of your life savings in an attempt to avoid bankruptcy. We understand bankruptcy exemption laws and can help you craft a plan that works for your specific factual situation. Call 941-366-1300 in Sarasota or one of our other numbers to schedule a consultation at one of our locations. Consultations can also be scheduled through the online form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.