Protecting Your Assets During Bankruptcy
If you are buried in debt and considering bankruptcy, you might worry about losing your car and other valued property and assets. However, the bankruptcy laws allow people to keep certain assets. At William C Babut PC, we have helped more than 25,000 families find debt relief. Most of our clients are able to keep most of their property, including clothes, furniture, televisions, computers, paid-for vehicles and more.
Our experienced Michigan asset protection and bankruptcy lawyers will walk you through exemption planning to help you protect your assets. Call us for a free consultation at (734) 485-7000 at one of our four Michigan offices.
Maintaining Your Assets: Federal and State Bankruptcy Exemptions
There is a long and complicated list of federal and state bankruptcy exemptions. There are also dollar limits on what property you can keep and what property creditors can access. When we help clients prepare for Chapter 7 or Chapter 13 bankruptcy, we work together on an exemption plan that takes all of their property into account and maximizes asset protection.
Major federal and state bankruptcy exemptions listed in the Federal Bankruptcy Code and Michigan-specific exemptions include:
- Real estate/homestead (your house)
- Household goods, including clothing, furniture, appliances, linens, one television, one radio, educational equipment and other personal property, up to a certain dollar amount
- Personal effects, including toys and hobby equipment up to a certain dollar amount
- Stock bonuses, pensions, disability benefits, life insurance
- Alimony, child support or other maintenance payments
- Veterans’ benefits, workers’ compensation, unemployment compensation
- Motor vehicle/automobile up to a certain dollar amount
- Social Security benefits
Contact us to Schedule a Free Consultation
Our bankruptcy legal team represents you throughout the entire bankruptcy process. From exemption planning/asset protection to your case’s resolution in bankruptcy court, we will be by your side. We have represented our Michigan bankruptcy clients since 1991. For quality legal services at an affordable price, contact our law offices.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.