Berks, Chester, Montgomery County, Pa. Bankruptcy Lawyers
Will I Be Able to Keep My Assets?
There are state and federal exemptions in place to make sure that you do not lose your personal belongings in a bankruptcy proceeding, which is referred to “filing for bankruptcy protection”. The state and federal exemptions work in different ways to protect different types of assets.
These state and federal exemptions are complicated. If you claim exemptions incorrectly, you may forfeit property that you should not lose. For this reason, it is important to hire an experienced local bankruptcy lawyer. Our attorneys keep up to date with all changes to bankruptcy exemptions that may affect our Chester, Berks, and Montgomery County Bankruptcy clients.
Federal and State Exemptions Protect Your Assets
Your home, car, retirement accounts, and personal belongings are protected in bankruptcy. It is important to have a knowledgeable bankruptcy lawyer who knows the specific exceptions that will allow you to keep all of your important assets. Since the federal and state exemptions work in different ways, we will work with you to develop the plan that will be most appropriate for your situation.
Some assets may not be fully protected, these assets include:
- Personal injury damages
- Workers’ compensation settlements
- Social Security Disability Insurance benefits
- Whole life insurance policies
- Equity in your home
Although these exemptions may not be protected completely under the state and federal exemptions, our attorneys will work with you to develop a plan to protect as many of these assets as possible. We develop plans specifically tailored to each client, and will not take a cookie-cutter approach in order to save on time and effort like some other attorneys or bankruptcy preparation services.
Contact Our Pottstown Area Bankruptcy Lawyers Today
Our attorneys are ready to discuss your concerns and provide answers. Our attorneys represent clients in Pottstown, Norristown, West Chester, Reading, and the surrounding areas.