Asset Protection in a Pennsylvania Bankruptcy
When you file for bankruptcy, there are exemptions or shields that protect your assets. Both the federal and the state exemptions allow you to keep your things but they operate in a different manner and protect different things. At the law firm of Ross & Schnarrs we help to inform you of how to keep your things when you file for bankruptcy.
Bankruptcy law is complex. You need a skilled bankruptcy attorney when you decide to file for bankruptcy in Pennsylvania. Contact the bankruptcy lawyers at Ross & Schnarrs located in Pottstown, Pennsylvania, to learn how the exemptions may protect your things.
Federal and State Exemptions Protect Your Assets
Your car, your home and your possessions are important to you. The state and federal exemptions protect your things in different ways. That is why an attorney is necessary when you file for bankruptcy. We help you determine whether to proceed under the federal or the state exemptions. That decision is based on the exemption that will provide you with the most protection.
The exemptions may not provide enough protection for all of your assets. Certain assets are not fully protected by either the state or federal exemptions. Assets that may not be fully protected by the federal or state exemptions in bankruptcy include:
- Personal injury damages
- Workers' compensation settlements
- Social Security Disability Insurance benefits
- Whole life insurance policies
- Equity in your home
Even though these assets ae only exempt up to a point, there might be other ways to protect these assets. We will discuss your exemptions with you on an individual basis. We will carefully classify the value of your assets to protect your interests. We analyze your exempt assets and non-exempt assets to prepare a strategic plan for your unique situation.
Contact Ross & Schnarrs Today
When you are considering Chapter 7 or Chapter 13 bankruptcies, you will be able to keep your things, such as your home or vehicle. In some cases, bankruptcy may even stop foreclosure. Contact us today to speak with skilled Pottstown, Pennsylvania, bankruptcy attorneys.
