Finding Relief From Debt Without Losing Your Assets
Many people believe that filing for bankruptcy will cause them to lose their important assets, the assets they have worked so hard to obtain. In fact, Minnesota and federal bankruptcy laws provide extensive protection for many of your assets, allowing you, in almost any case, to retain assets including your home, car, retirment plan and other property, even after filing for bankruptcy. While these asset protection exemptions may seem confusing, the assistance of an experienced lawyer can provide a clear look into which assets are exempt from the bankruptcy process.
From his offices in Eagan, Bloomington, Edina, Eden Prairie and surrounding Minnesota communities , Ron Lundquist, Attorney at Law, provide comprehensive asset protection advice to clients searching for relief from their debts. Ron works diligently to offer advice on which assets will be affected by the bankruptcy process in an effort to allow you to make the most educated decisions possible on your unique situation.
To schedule a free consultation to discuss your asset protection concerns, Contact Ron's office online or call 651-454-0007 or 952-261-7348 today.
Protecting Your Assets During Bankruptcy Proceedings
By far, most clients lose no property in a Chapter 7 or a Chapter 13 bankruptcy case. This is because the law provides exemptions which are used to protect assets. Exemptions are categories of properties, up to certain dollar amounts in each category, that are sheltered.
Either federal exemptions, or Minnesota exemptions will apply during the bankruptcy process. Such exemptions allow you to retain possession of various key assets, including:
- Homestead equity
- Motor vehicle equity
- Household goods and furnishings
- Personal injury unsettled claims
- Retirement plans
- Tools of trade
- Wildcard (assets of your choosing)
Ron's experienced approach has provided extensive asset protection for countless clients, allowing them to retain possession of their prized possessions while finding relief from overwhelming debt caused by credit card payments, medical bills and mortgage loans, taxes, auto loans and other debt problems.
Contact Ron's office online or call 651-454-0007 or 952-261-7348 to learn more about your asset exemption eligibility today.