The decision to file for bankruptcy is one that can greatly improve your financial future. While you may be wondering what to expect along the way, don’t let the fear of losing your assets or funds intimidate you. Your Tampa bankruptcy attorney can show you exactly what you are likely to gain from the process and offer you the comfort in knowing how bankruptcy can protect much of what you earned.
Protection And Relief
The bankruptcy process is often thought of as one that offers relief from debts, but did you know that many people file for bankruptcy to protect their assets and fund account? It’s true. There are benefits of the bankruptcy process that can better protect your hard earned funds and property. The reason is that being sued by a creditor for unpaid debts leaves assets, income accounts, and even retirement or benefit funds at risk of liquidation.
When you file for bankruptcy, the automatic stay order halts lawsuits, collection actions, seizure or liquidation proceedings. No other form of debt relief can offer this type of protection. Depending on your state of residence, bankruptcy exemption laws offer a range of protection over your assets and fund accounts. Life insurance policies, unemployment or disability benefits, Social Security benefits, domestic support funds, veterans benefits and up to $1,095,000 of your retirement account can all be protected in bankruptcy.