Can You Protect Your Assets From Bankruptcy?

One of the main concerns you probably have when deciding whether to file for bankruptcy is how you can protect the assets you worked so hard to obtain. How can you and your children remain in your home? How can you keep your car? Attorneys Shelley Slafkes and Bruce Levitt understand your concerns and will work with you to help you save these assets through bankruptcy or other debt relief.

At our law firm, Levitt & Slafkes, P.C., we focus our legal practice on finding the right debt relief solutions for our clients. We are community-minded attorneys situated in Essex County, New Jersey, where we take pride in serving individuals, couples and all types of families throughout our area. Contact us online or call 973-323-2953 to set up a free consultation.

What Assets Can I Protect Through Bankruptcy?

  • Your home: Our attorneys understand that it is very upsetting and frightening to think that you might lose your home and have to move your family. Bankruptcy might be the best way to help you save your home from foreclosure.
  • Your car: Nobody wants to have their car repossessed because they have not made their car payments. Without your car, it may be impossible to get to work, get your children to school and even to look for a new job. If you file a Chapter 7 or Chapter 13 bankruptcy before it is too late, an "automatic stay" will stop any repossession actions.
  • Your retirement plan: You have worked very hard to save for retirement and you are understandably afraid your creditors will take your money. Some people liquidate retirement accounts to pay their debts because they think their creditors will get the funds anyway. This is not true. Your retirement accounts are exempt in a bankruptcy. What that means is if you file a Chapter 7 or a Chapter 13 bankruptcy, nobody can take the money in your retirement accounts.
  • Furniture, clothing and household items: These are protected in a bankruptcy.

Get Your Questions Answered In A Free Consultation

If you are dealing with a home foreclosure or are interested in protecting your assets, you need to speak to an attorney. Contact us by filling out our online form or call 973-323-2953.