Ethical And Lawful Bankruptcy Planning Can Help Protect Your Interests
Many people hold the misconception that they will lose everything they own when filing for bankruptcy. Unfortunately, they may be tempted to take steps that in the long run can cost them dearly under the Bankruptcy Code. At Minnillo Law Group Co., LPA, in Cincinnati, we have earned a reputation for our sound legal advocacy and ethical guidance in helping people eliminate debt under the Bankruptcy Code.
In an emergency situation, such as when a lender is seeking to foreclose on a home or repossess a car, there may be no time to wait before filing a bankruptcy petition. However, it may be better to create a legal and lawful plan of action to protect assets. For instance, if you are expecting a large tax return, or yearly bonus, it may be more beneficial to time your bankruptcy to protect assets. Similarly, far too many individuals try to delay filing for debt relief, relying on protected assets, such as a retirement account, to make ends meet each month.
Seasoned Bankruptcy Guidance To Avoid Fraudulent Transfers
At Minnillo Law Group Co., LPA, we understand that bankruptcy is a major step in your life. Since 1996, thousands of clients have placed their trust in our law firm. With this level of experience, we know that proper planning for bankruptcy can protect your assets and maximize your debt relief:
Find out which of your debts are secured and which debts are unsecured:
Secured debts are debts that are backed, or secured, by collateral. Your home and your car are examples of secured debts. Unsecured debts are not backed by collateral. Typically, credit cards and medical bills are unsecured debts. Secured debts are not discharged in Chapter 7 bankruptcy unless you decide to surrender the collateral, such as a vehicle or home. Most unsecured debts are dischargeable. The nature of your debts will have a great impact on the type of bankruptcy you file.
Take inventory of your assets:
This is helpful for a number of reasons. First, when filing bankruptcy, you are required to fully disclose your assets and liabilities. Taking inventory of what you own will help in this regard. Secondly and more importantly, certain classes of assets cannot be taken from you to satisfy your creditors. If you understand which of your assets are exempt and which are not exempt, you will have a greater understanding as to which type of bankruptcy is in your best interests.
Continue to make contributions to your 401(k), IRA or other pension plans:
These assets are generally exempt from bankruptcy with certain exceptions. Therefore, in most instances, any money you place in these accounts cannot be taken by the bankruptcy trustee.
Act sooner rather than later:
The earlier you plan for bankruptcy, the more options you will have. The more options you have, the more leverage you will have with your creditors. Planning for bankruptcy includes hiring a lawyer. Our law firm can provide invaluable counsel during this time.
Contact Our Ohio And Kentucky Bankruptcy Planning Attorneys
When you work with Minnillo Law Group Co., LPA, our Hamilton County, Clermont County, Butler County, and Northern Kentucky bankruptcy law firm will help you get the debt relief you need the first time. We offer a free initial consultation to discuss your finances. Call us at 513-723-1600. You can also complete our contact form to get started. We have offices in Cincinnati, Eastgate, Fairfield and Covington to serve you.
We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.