What Property Can You Keep?

A good debt and credit lawyer can protect all or most of your property from creditors even if you need to file for bankruptcy. It is important to keep in mind that when you file for bankruptcy can be VERY IMPORTANT. Timing is everything … an experienced debt and credit lawyer can tell you when to file.

Sometimes it is necessary to plan for bankruptcy and legally protect assets before filing for bankruptcy. If you have a debt problem, you want to make yourself “creditor proof” so your creditors cannot touch your property even if you file for bankruptcy.

Many people believe they cannot own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after filing for bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt.