Asset Protection And Exemptions

Protecting Your Assets During Bankruptcy

One question that people want answered before moving forward with the bankruptcy process is ” Can I keep my house and property?” In most cases, the answer is “Yes.” Of course, an accurate answer requires careful examination of your situation. The debt involved and the type of bankruptcy filed will play a role in whether or not property is kept.

Selecting a lawyer who is experienced and willing to take a close look at your specific situation is critical for getting the right answers to questions like these. For more than a decade, Marrs & Terry, PLLC has offered individualized counsel and legal representation to thousands of clients. We understand that asset protection is at the forefront of our clients’ minds. We will strive to protect what is important to you as we guide you through the bankruptcy process. Contact our law firm online or call 734-663-0555.

Bankruptcy Has Exemptions To Protect Your Property

What assets are the most important to you? Your house? Your car? Your major appliances? Your 401(k) and your pension? Different items are important to different people; we will learn about what is most important to you and strive to protect it.

Many important pieces of property are protected by bankruptcy exemptions. Each state has its own exemptions. Those offered by Michigan are relatively generous. There are also federal exemptions. People have a choice of the set of exemptions they use. We will help you determine which set makes the most sense in your situation.

Protecting Assets Through Chapter 7 and Chapter 13

If you file Chapter 7, your asset protection strategy may require you to sign reaffirmation agreements. These are simple agreements in which you reaffirm your debts on items you want to keep, preventing those debts from being discharged. If you file Chapter 13, you will not be required to give up any assets.

Take Action To Protect Your Future. Contact Us.

If you would like to learn more about keeping your assets through the bankruptcy process, contact us online or call 734-663-0555 to discuss your situation with our experienced Michigan asset protection and exemption attorneys. We bring more than 18 years of experience to every case and we offer in-home appointments upon request.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.