Protect Your Florida Assets in a Bankruptcy with a Ft. Lauderdale Bankruptcy Attorney

Filing for bankruptcy might mean loss of certain assets. If you are considering filing, you may worry that creditors will want to seize all they can. However, you can keep many things safe. It is important know asset protection laws and discuss them with an experienced attorney at the Law Office of Jeffrey Solomon to make sure you do not break any rules.

If creditors are already trying to seize your assets, it is all the more important to understand your rights under the law. You must also take a thorough inventory of your assets and review which may be exempt before filing. The non-exempt property can be at risk in a Chapter 7 Bankruptcy, but many individuals retain all of their property.

The purpose of asset protection is to increase your creditor protection.  Individuals should begin asset protection planning as soon as possible, and do it with the help of an experienced Ft. Lauderdale bankruptcy attorney. The consequences of not engaging in asset protection planning are an increased potential of losing all assets not exempt by law. However, if you already have debt, there are severe restrictions on transferring assets. If you used a “fraudulent transfer,” the Court can deny your bankruptcy and often recover a transferred asset.

Asset protection is not hiding assets. You will have to list them all under oath. It is organizing which will and will not fall under the umbrella of safety the law provides. An extensive list is available on our website.

The state of Florida allows unlimited homestead protection for personal residences. However, new laws have substantially limited this provision, which Ft. Lauderdale bankruptcy lawyer Jeffrey Solomon can discuss with you. You must also have been a Florida resident for two years for these exemptions to be valid in bankruptcy court. If you are new to Florida, the court will base your exemptions on the state where you previously resided or will use “federal” exemptions.

Asset protection planning is a critical part of preparing for bankruptcy, requires the oversight of an experienced legal professional, and should begin early. Contact Ft. Lauderdale bankruptcy attorney Jeffrey Solomon now to discuss if you should prepare your estate for bankruptcy.