Bankruptcy – What Can be Protected From Your Creditors
If you are filing for bankruptcy in the Fountain Hills, Arizona area, then it is vital that you use a Fountain Hills bankruptcy attorney so that you have the advantage of having legal advice that is coupled with local expertise and local legal know how. Fountain Hills is neighbored by Scottsdale to the southwest, and north east of the neighboring towns of Apache Junction, Gold Canyon, and Queen Valley, Arizona and the Fort McDowell Yavapai Nation. It is known for its fountain that is the world’s fourth largest fountain. Likewise, it is known to have a tranquil small town atmosphere, while still being close enough to the bustle of Phoenix and the metro area.
If you are filing for bankruptcy then it might be advisable to know what your rights are concerning the protection of your assets. Having a good understanding of what assets can be protected and which ones are not eligible for protection under the law. Many people labor under the misunderstanding that everything that they have will be lost if they file for bankruptcy. This is just not true and you will not be in the predicament of having to hand over the ‘shirt on your back’.
What you can protect when you file for bankruptcy?
· Personal Assets. Unless you have a collection of jewels that would rival Liz Taylor’s then you need not worry about having your jewelry seized by your creditors. Personal items of clothing are exempt from seizure and from being counted as part of your estate when it comes to an investigation of assets by a trustee when you are filing a Chapter 13 bankruptcy. The reason for this is that the resale value of such items is actually very low, and it may cost even more to appraise them and sell them. So rest assured your items that are of sentimental value will not be touched if you file for bankruptcy. The items of a personal nature that are also protected and music collections, books and all clothing. Art collections on the other hand may be liable to be appraised and may form part of the estate if it is deemed that they have a high resale value.
· Your primary residence, which is the home that you live in, can also be protected from your creditors if you file for bankruptcy. It is vital though that you continue to pay your mortgage on time, especially if you are filing for a Chapter 7 bankruptcy. If you fall into arrears on your mortgage then the lending institution may be able to foreclose on your home to settle the arrears amount. Having a local Fountain Hills bankruptcy attorney is the best way to ensure that you are able to protect your primary residence. If you have other properties then they may have to form part of the bankruptcy, especially if you are using them for rental purposes.
· You vehicle can also be protected from seizure if you utilize the services of a Fountain Hills bankruptcy attorney who has the expertise to know how to keep this asset under the bankruptcy exemption. Even if your vehicle is paid for in full, it can still be protected from any of your creditors.
It is so important that you disclose all of your assets to your Fountain Hills bankruptcy attorney, because they have the local legal knowledge to be able to protect your most precious assets from being included in the bankruptcy. Declaring bankruptcy does not mean that you will lose everything, it just means that you will be able to face the future with a clean slate and will be able to start over again on a secure financial footing, which can lead to the road to financial success.
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