One of the most confusing aspects of bankruptcy is the exemption process. In fact, many individuals that are considering bankruptcy put off doing so because they are under the misconception that they will lose everything. Fortunately, bankruptcy law offers protection to filers so that they can keep their car, home, and other valuable property. By working with an experienced bankruptcy attorney, individuals can receive the information they need to make an informed decision about bankruptcy and their financial well-being.
Over the last decade, bankruptcy law has undergone several changes. Many people are surprised to find out they can even still file for bankruptcy while keeping much of their property. Luckily, through the use of property exemptions, filers can protect much, if not all, of their belongings.
The key to accessing this protection and exercising the full benefit of the property exemption process is to work with a knowledgeable and experienced attorney. Bankruptcy law offers a set of federal and state exemptions. Understanding the difference between these two set of exemptions may make all the difference in keeping some or all of your property. This is especially true for married couples filing jointly, where some exemptions may be doubled.
When families have reached the point of financial struggle, the last thing they need is the added worry of losing all of their belongings when trying to get back on their feet. A bankruptcy attorney understands these concerns and can help individuals and families receive the full benefit of bankruptcy’s property exemptions. By working with an attorney, you can receive the fresh financial start you deserve while keeping the property they’ve worked so hard to acquire.