A great Hiram bankruptcy attorney is your answer. For most of us, bankruptcy only serves one primary function and that is to protect us from getting all of our stuff taken away. Everyone has certain assets that they feel are integral to making a fresh start and in some cases a bankruptcy will protect those assets.
The following five steps will help you to protect your assets but before you get started you will need two vitally important things:
- An experienced bankruptcy lawyer. Bankruptcies are not a one size fits all proposition. They often need to be tailored to your specific circumstances and the laws are constantly changing. If you want to make sure all your bases are covered then you will need a bankruptcy attorney that is familiar with the system. Your attorney will make sure you hit all of your deadlines, provide the proper paperwork and keep as much of your assets protected as possible.
- A complete list of your liabilities and assets. It goes without saying that you need to know what you have in assets so that you can safeguard them. In fact the list will come into play during Step 1.
- Step 1: When filing for bankruptcy you will need to fill out a schedule showing all of your assets and liabilities so consult your list.
- Step 2: Each state has a different limit on the amount of property that you can protect so you will need to consult the specific exemption limits for your state. They are usually based on the current sale value of the property.
- Step 3: Mark all of your properties that you DO NOT want taken into consideration as your bankruptcy estate as exempt.
- Step 4: At this point you may start getting challenges from your creditors and you will have to respond to them within thirty days from the time you meet with them. If you do not get any challenges then you will be allowed to safeguard those assets from the bankruptcy proceedings. If you do get challenged on a property then you will have to prove that ownership of said asset is vital to starting over after the bankruptcy has run its course.
- Step 5: Talk with a Hiram GA bankruptcy attorney to make sure you have your assets adequately protected. They can assist you with further planning and advise you of your options throughout the bankruptcy process.