If you are considering filing for bankruptcy in Ohio or Florida, you likely have a number of questions about asset protection and concerns about which assets you can hold onto. The importance of consulting with a Dayton asset protection attorney during this time cannot be overstated. Not only can we answer your questions and address your concerns, but our legal team at Rieser & Marx, LLC can ensure your assets are properly protected throughout the bankruptcy process.
In a great majority of the cases we represent, our clients are able to keep their homes and cars, and most types of retirement accounts are protected. However, there is a limit to how much equity you are allowed to have in your home or vehicles. This is why retaining the services of a Dayton bankruptcy lawyer is so vital to protecting your assets.
Your 401(k) plan and most types of qualified retirement plans are exempt from Chapter 7, Chapter 11, and Chapter 13 bankruptcy proceedings. However, you need to be careful to ensure any actions you take are not misconstrued as defrauding your creditors. Our legal team can help ensure that you do not simply dump large amounts of money into your 401(k) previous to filing bankruptcy. It is also not typically advisable to borrow against your 401(k) plan to try to avoid a bankruptcy.
IRAs, or Individual Retirement Accounts, are also exempt from bankruptcy proceedings but there is a limit. While the money in your IRA is exempt, retirement benefits that you receive from your retirement accounts are not. We can advise you on how much you will be allowed to keep from your IRAs if you decide to file for Chapter 7 or Chapter 13 bankruptcy.
Other retirement plans that are exempt from bankruptcy proceedings include:
Our priority is to help you understand the various protections which are offered under the U.S. Bankruptcy Code and how they can help you. We can guide you to making the most beneficial decisions before filing for bankruptcy and protect you from being taken advantage of.
Contact our firm online to make an appointment with one of our knowledgeable Dayton asset protection attorneys in our Ohio or South Florida office.