While some of the cash value in the policy may be
protected by bankruptcy laws, any amounts that exceed the protection limits can be seized by the court.
Since your retirement funds are already
protected by bankruptcy law, it is important that you talk to a bankruptcy trustee before draining your retirement savings to pay off debts.
Not exact matches
Exemption
laws have been enacted
by every state as well as the federal government to
protect the property of debtors against the claims of judgment creditors and, once a
bankruptcy case is filed, the trustee.
Chapter 7 is sometimes called «income protection,» because
by surrendering to the
bankruptcy court your nonexempt assets (assets over and above those things that you may keep
by law when you file
bankruptcy) you are
protecting all of your future earnings.
Since Doan
Law Firm has one of only fourteen Board - Certified
Bankruptcy Specialists in Consumer
Bankruptcy Law by the American Board of Certification in the State of California, you can sleep soundly knowing your case will process smoothly, your assets will be
protected, and your debts eliminated.
Moreover, even in the event of a
bankruptcy, you and your family are
protected by law and there are certain possessions that can not be taken from you.
In Texas,
bankruptcy protects consumers against lawsuit from creditors, but that protection doesn't start until after you've undergone the mandatory credit counseling session required
by the new
bankruptcy laws.
America's Federal
Bankruptcy Laws are designed to give Debtors a «Fresh Start,» but they also
protect Creditors,
by ensuring that each and every Creditor will be treated equally, whether they are complete strangers to the Debtor, or close relatives of the Debtor.
And, because the
bankruptcy code is part of Nebraska state
law, all resolutions are
protected by the courts.
Prior to filing, Attorney Williams will conduct a liquidation analysis to ensure that your assets will be
protected by the exemptions that are available to you under the
bankruptcy laws.
Also, during your case, you'll be
protected by the automatic stay provision of Wisconsin's
bankruptcy laws which is designed to prevent foreclosure, repossession and lawsuits.
A husband or wife might also wish to consider the possibility of whether a
bankruptcy filing would
protect that spouse from being held in civil, non-punitive, contempt of court
by a Virginia state court judge for failing to abide
by the terms of a family
law court order.