You are being hounded by creditors. You might be asking, "which property can creditors take from me?" This guide walks you through the process of figuring out what's protected or "exempt" from creditors and what's not, inside and outside of bankruptcy. When we talk about protecting property inside of bankruptcy, we are really talking about protecting your property from your bankruptcy trustee, who oversees your bankruptcy case and represents your creditors. When we talk about protecting property outside of bankruptcy, we are really talking about protecting your property from judgment creditors, who must first get a judgment against you in court before they can take any action against your property. To read this guide in its entirety, please visit http://www.olgazlotniklaw.com/bankruptcy-guide-what-is-protected-from-creditors.htm
For Those Filing for Bankruptcy - What is Protected?
1. Figure Out Whether You are Using State or Federal Exemptions.
The law of the state in which you are domiciled will determine what you can protect or exempt from creditors. Assuming you were domiciled in only one state during the 730 days prior to the filing date of the bankruptcy, you would use the exemption laws of that state. If the exemption laws of your state do not prohibit you from using the federal bankruptcy exemptions, you may have a choice of using either the federal bankruptcy exemptions under 11 USC 522(d) or your state's exemptions. However, even if the exemption laws of your state prohibit you from using the federal bankruptcy exemptions (this is the case in Arizona), you may still use a special federal bankruptcy exemption that protects retirement funds in pension plans and individual retirement accounts (IRAs). To read this guide in its entirety, please visit http://www.olgazlotniklaw.com/bankruptcy-guide-what-is-protected-from-creditors.htm
Please note that the information contained here has been prepared by the Law Office of Olga Zlotnik, PLLC for informational purposes only and does not constitute, and should not be considered legal advice. Transmission of the information contained in this web site and receipt by the reader is not intended to create and should not be construed as creating an attorney-client relationship with Law Office of Olga Zlotnik, PLLC.
*The bankruptcy law services described herein are with respect to bankruptcy relief under the Bankruptcy Code. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.