Bankruptcy isn’t a process designed to take your property away. In fact, it’s a process intended to protect your rights and assets. You’ve worked hard for every cent you make and everything you own; you deserve to keep it.


Protection Against Wage Garnishment and Bank Levies

First and foremost, as soon as you file bankruptcy, wage garnishment and bank levies can come to an end. Instead of having money taken away from you or your bank account, you can regain control over your income and other financial accounts. In fact, in most cases bankruptcy will return or refund any garnishment or levies up to 90 days prior to filing.


Protection Against Home Foreclosure

A home represents so much more than an asset. It is a safe place for your family, a gathering place for your friends, and a worthy ownership goal. So when you get behind on payments and start to worry about foreclosure, it may be beneficial to consider bankruptcy as an option.


Bankruptcy is the strongest, most effective tool to save your home. By filing Chapter 13 bankruptcy, you can start fresh with your mortgage company by adopting a repayment plan that works best for you as agreed upon during the case. As long as there hasn’t been a sheriff sale, bankruptcy can prevent your home from being claimed out from under you.


Protection Against Asset Seizure: Exemptions

As established by law, you have a fundamental right to retain property up to a certain value. That number is almost always higher than the total value of the items you wish to protect. These assets are protected under certain exemptions.


Exemption categories exist for almost any asset you can think of from a homestead and automobiles to household goods and furnishings, retirement plans, tools of the trade, and cash value life insurance.


Step One to Protect Your Property in Bankruptcy

If you want to protect your property, it’s best to consult a bankruptcy attorney as soon as possible and be completely honest when working with your attorney about your assets. Full disclosure helps you avoid any bankruptcy pitfalls.


Ron Lundquist is a trusted Minnesota bankruptcy lawyer with a record of never having a client lose a single asset in a Chapter 13 bankruptcy case. If you have concerns about losing your wages, home, or assets, let Ron Lundquist lay your fears to rest. Contact him today by calling 651-454-0007.