Bankruptcy Exemptions and Asset Preservation
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At the beginning of a bankruptcy, all assets, properties, claims and holdings of the individual or business become part of the Bankruptcy Estate, which will be reviewed in the bankruptcy process. These are the items that will be considered for possible liquidation, vulnerable to be lost, particularly in Chapter 7. Therefore, it is important to explore bankruptcy exemptions
Certain Assets May Be Preserved
You don’t lose everything, though. In each form of bankruptcy, there are certain exemptions allowed of property, assets, and claims that shelter these from bankruptcy. These exemptions help individuals keep certain holdings that might otherwise be liquidated.
It is vital that you have an experienced, knowledgeable attorney on your side that understands exemptions and your goals for the bankruptcy. At Kamini Fox, PLLC, we are committed to understanding the needs of each client, helping him or her save as much as possible through the course of filing.
Understand What Assets are Exempt
Many times, individuals will attempt to navigate the exemptions process by themselves, incorrectly or incompletely filling out applications and missing crucial steps. This creates problems that immediately start the process off badly. Not only do these errors result in processing problems and delays, but they also diminish credibility with lenders who are already hesitant to be flexible.
To avoid these issues, you need the skilled representation of a firm that understands the exemptions process and how best to accomplish the client’s goals. Kamini Fox has assisted countless clients to preserve assets and claims in their bankruptcy case.
To arrange an initial consultation to see if you are eligible for bankruptcy and if so, what exemptions you are allowed, please contact us at 516-493-9920.