August 16, 2017

Asset Protection Basics: What You Need to Know if You Owe Debts You Cannot Pay

Many people who want to come in and talk about asset protection are surprised to learn that they have no assets to protect. "How can this be? "I own a car and a house!" Asset protection comes in to play if you own property that has equity above the mortgages owed (called non-exempt property -- property that creditors can reach); or if you anticipate that you may have non-exempt property in the … [Read more...]

Chapter 7 Bankruptcy: Businesses & Individuals

The word "bankruptcy" is heard everywhere, from coffee shops to church bazaars and the evening news. It's clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13. Chapter 7 is a liquidating bankruptcy.  It is normally utilized to obtain a “fresh start” for an individual debtor, and, far … [Read more...]

I don’t want to file, but should I?

Some people are not good candidates for bankruptcy, including: Those with too many non-exempt assets; for them, we develop asset planning & protection strategies Those who cannot afford to file bankruptcy Those with no income or who have so few non-exempt assets that they are essentially “judgment proof” Those with finances so complicated by trusts and tax shelters … [Read more...]