Protect Your Tax Refund in Bankruptcy
If you are due a tax refund and file bankruptcy, you must take proactive steps to protect it. Asset protection is a big part of what bankruptcy lawyers do. If you want to protect your tax refund in bankruptcy, talk to an experienced bankruptcy lawyer. An income tax refund received after a bankruptcy is filed […]
Protecting Assets in Bankruptcy: Property Exemptions and Planning
Protecting assets in bankruptcy requires a combination of foresight and expertise. Chapter 13 bankruptcy generally allows you to keep all your property. But in Chapter 7 bankruptcy, your nonexempt assets may be “liquidated,” or seized and sold. If you do not protect your assets in Chapter 7, the trustee will convert them to cash and […]
When You Should NOT File for Bankruptcy
Only bankruptcy will solve certain financial problems. Bankruptcy remains the first and best choice for many common cash-flow and debt issues. Avoiding bankruptcy when it is the smart course of action often does nothing more than make for more difficult outcomes. But there are certain circumstances under which you should NOT file for bankruptcy. If […]
7 Uncommon Bankruptcy Assets
When you declare bankruptcy, you must be honest in your statements. You must list all of your property, even the most uncommon bankruptcy assets. List your assets in Schedule A/B. Be sure to include all real property, vehicles, inventory, home furnishings, clothing, jewelry, and all other tangible things that you own. Beyond personal and real […]
Can I Keep My Car If I File for Bankruptcy?
Most people need a car, either to get to work, to shop for groceries, to haul the kids around. If you live in Maryland or Virginia, you need a car, though less so if you live in DC. One of the questions I get asked all the time is, “Can I keep my car if […]