Almost 100% of my clients LOSE NO PROPERTY when they file a Chapter 7 bankruptcy.
I have NEVER had a client lose an asset in a Chapter 13 case.
This is because you have a fundamental right to retain property up to a dollar amount established by law. These protected property laws are called exemptions.
The idea is expressed in the Minnesota State Constitution, at Article I, Section 12: “A reasonable amount of property shall be exempt from seizure or sale for the payment of any debt or liability. The amount of such exemption shall be determined by law.”
Minnesota is a generous state when it comes to exemptions, allowing wide choices in what can be protected. You can choose either the Federal Exemptions or the Minnesota Exemptions. Each have their advantages, and which set of exemptions are used for your case depends on your individual situation. We can determine what exemptions apply to you at the initial consultation.
There are exemption categories for almost any item of property you could possibly own, including a homestead, automobiles, household goods and furnishings, retirement plans, tools of the trade, and cash value life insurance.
In very rare cases a client may have an asset at risk. It is important to let me know what you own in order to make sure it can be protected.
By the way DO NOT sell or give away an asset before filing bankruptcy without getting some advice! This can open up a can of worms that can be avoided by properly dealing with the asset with good advice before filing bankruptcy.
I am recognized as a debt relief agency, and provide bankruptcy relief using the laws of the State of Minnesota and the United States Bankruptcy Code.
Together we can get you back in charge of your finances.
CALL ME OR EMAIL ME TODAY!
My phone numbers are 651-454-0007 and 952-261-7348.
My email is firstname.lastname@example.org