Deer Park Asset Protection Attorney
Bankruptcy and Asset Protection
A common misconception regarding bankruptcy is that if you go through the procedure, you will have to forfeit all or the greatest portion of your assets. Fortunately, this is not true and is actually contrary to the purpose of bankruptcy. Dennis M. Slate, Attorney at Law has worked for many years to protect the assets of individuals who are in serious need of debt relief. Attorneys from my firm have helped thousands with their bankruptcy situations. Just like you, many were highly concerned about their assets and how they could be safeguarded. When bankruptcy is done in the proper manner by an experienced Deer Park bankruptcy lawyer from my firm, you can start a new financial chapter in your life while maintaining vital assets.
The end result of bankruptcy is that you are debt free, or nearly so, and that is why it is frequently referred to as a "fresh start." Bankruptcy would not be a viable financial solution if, during the process or at the end of it, you still faced home foreclosure, freezes of your bank accounts, repossessions, garnishment of your wages and other attempts to take your assets. An important benefit of bankruptcy is that you are afforded specific asset protection, regardless of how much you are in debt.
In our state, you are allowed a choice between Texas versus federal exemptions when you file for bankruptcy. Fortunately, Texas is known for having very liberal exemption laws which I can brief you on and help you to take advantage of.
Texas law provides for safeguarding your home from liquidation or seizure for an unlimited value. The amount of acres that you are permitted to hold onto is, however, limited. Jewelry, furniture and other items of personal property up to the amount of $30,000 for an individual or $60,000 for a family are exempt. Assets such as the tools of your trade, public benefits, retirement accounts, pension plans and your vehicles can also be exempt.
Bankruptcy may not always be the correct solution for your specific financial situation. When we meet to discuss your circumstances, I will be able to get a better idea of what tool can be used to resolve your debt problems. Bankruptcy alternatives like debt negotiation or settlement, short sales, loan modifications, debt consolidation or a deed in lieu of foreclosure may be what are needed to safeguard your assets and get your debts under control.
I know that your assets are important to you and my firm works hard to ensure they are protected.
Contact a Deer Park asset protection attorney to learn how your assets can be safeguarded while going through the process of bankruptcy.