You Do Not Have to Lose Everything in a Bankruptcy Filing
Contrary to what you may have heard, no one will show up at your house and take all your property following a bankruptcy filing. That myth often discourages people from filing for protection. Bankruptcy attorney and firm founder Jon D. Beaty educates his clients on bankruptcy facts, not fiction. His goal is to overcome the misconceptions that prevent Highland and Hammond residents from exercising their rights.
Do not let assumptions about the dire consequences of a Chapter 7 or Chapter 13 bankruptcy filing stop you from a financial fresh start. Contact us at 219-961-2126 or toll free at 866-585-0082 to schedule a free initial consultation.
Protection for Your Investments
Bankruptcy laws allow for exempt property that you can keep. You do not have to spend your retirement funds to pay off debts. You do not have to take a further financial hit by cashing out 401(k) accounts. Life insurance policies that have cash value and earned income credit on tax returns may be deemed exempt property as well.
Keep Your Home and Personal Property
Home equity of $17,600.00 for individuals and $35,200.00 for couples cannot be touched. Personal property valued at $9,350.00 for individuals and $18,700.00 for couples cannot be touched. In addition, on the day you file, individuals are entitled to $350.00 and couples are entitled to $700.00 total in cash, checking and savings accounts. Specific items, such as tools you own for your trade, may also be exempt from consideration. If you have assets over the allowable exemption amounts, there are other options to protect your asset that may be available. Please speak with a knowledgeable attorney to find out how filing for bankruptcy will affect the assets you currently own.
At the law office of Jon D. Beaty, we want prospective clients throughout the state of Indiana to know that bankruptcy can provide a wide range of options. While filing for bankruptcy is beneficial to many, it may not be right for you. It is important learn as much as you can about all your opportunities to pay down debt.
Contact Us for a Free Consultation
For more information or to schedule a free initial consultation with an experienced lawyer regarding property exemptions in bankruptcy, please contact us.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
