ASSET PROTECTION LAWYERS IN FOWLERVILLE AND SURROUNDING AREAS
A Chapter 7 bankruptcy is technically a liquidation proceeding — a time in which your assets can be taken from you and sold to pay off your debts. For this reason you must have a strategy for protecting your valuable assets.
This strategizing is the heart of asset protection, and David W. Brauer, PLLC, can help you with it.
Proper and Improper Asset Protection
Many people think that asset protection means hiding everything you own. So they make conspicuous title changes and move money from one account to another. They wind up calling attention to the assets they are trying to hide. Talk to the lawyers at David W. Brauer, PLLC. They can advise you on proper asset protection.
Howell and Fowlerville Bankruptcy Planning Lawyer
You may know that most retirement savings, like IRAs and 401(k)s, are exempt from liquidation. These are good places then to place as much cash as you can. Your main car is also exempt, but having additional vehicles can cause problems.
Warning: It is a common practice to retitle vehicles under different names. A husband, for instance, can retitle his car to his spouse or adult children. This retitling can easily cross the line into illegality and cause problems. Before you undertake questionable actions like this, talk to an experienced bankruptcy attorney at David W. Brauer, PLLC.
A Broad Array of Asset Protection Approaches
We are also experienced in setting up family limited partnerships, LLCs, trusts and corporations for the express purpose of protecting key assets. But care must be taken to do this legally and without calling undue attention to the change.
Don't transfer or dispose of assets without speaking to us first. The asset protection lawyers at David W. Brauer, PLLC will be pleased to explain to you what's permitted and what will get you into trouble.
Concerned about the disposition of assets you worked hard? In Michigan e-mail the Howell asset protection attorneys at David W. Brauer, PLLC or call us at (517) 548-1998.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.