Filing for Bankruptcy: What Can You Protect?

If you can’t exempt all of your home equity, you risk losing your home in Chapter 7 bankruptcy or having to pay back most of your unsecured debts in a chapter 13. luckily, most states allow you to protect a certain amount of equity in your home (discussed below).

Furthermore, the book offers all the forms you need to handle the bankruptcy filing yourself. discussion of the trusts, you can read "Avoiding the Medicaid Trap" by Armond Budish, published by Avon.

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Protecting bank account funds is a priority for most people filing for Chapter 7 or 13 bankruptcy. How bankruptcy will affect your cash or bank account deposits depends on whether the money is protected by a bankruptcy exemption and whether you are able to do some pre-bankruptcy planning to protect money that is not exempt in bankruptcy.

If you are thinking of filing bankruptcy, first you should find out if your income or personal property is protected. protected means that you don't have money or.

Bankruptcy. Before you consider filing a Chapter 13 here are some things you should know: You must file all required tax returns for tax periods ending within four years of your bankruptcy filing. During your bankruptcy you must continue to file, or get an extension of time to file, all required returns.

If you are self-employed and think you might need to file for personal bankruptcy protection, your case is probably going to be a bit more complicated than if you worked for someone else. There are various types of business entities and bankruptcy treats them differently – the rules aren’t one-size-fits-all.

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Protecting assets in bankruptcy: Talk to an attorney If you are considering filing bankruptcy and have considerable assets to protect, talk to an attorney. Do not attempt to hide or conceal or transfer or sell your assets prior to discussing your intentions with a bankruptcy lawyer.

If you plan to file for bankruptcy protection, you must get credit counseling from a government-approved organization within 180 days before you file. You also have to complete a debtor education course before your debts can be discharged.. To protect against fraud, the certificates are.

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