What Will Happen To My Assets If I File Bankruptcy?

When making the decision to file bankruptcy, careful planning should be used throughout the process. This is especially true regarding one’s assets, which may become property of the bankruptcy estate. Since you will have little knowledge of bankruptcy law and the complex process involved in this matter, it is best to rely on Brooklyn bankruptcy lawyers who have many years of experience, such as those of the Ursulova Law Offices.

Equitable Interest
To the surprise of many people filing bankruptcy, assets in which they may not physically have possession of at the time they choose to file may still become part of the bankruptcy estate. For example, a bankruptcy law firm in Brighton Beach may notify you that if you own a vehicle but have given it to a family member or friend for their use, that vehicle will become property of the estate, meaning the estate has an equitable interest. Along with this example, if you are working prior to filing bankruptcy and earn income after filing, that income is also property of the estate.

What Can I Keep?
Fortunately, not all assets will be subject to becoming property of the bankruptcy estate. For example, if you get a job after filing bankruptcy, that income will not be part of the process. Other assets you will be allowed to keep include deferred compensation plans, IRA accounts created within one year of filing for bankruptcy, employee benefit plans, and tax-deferred annuities.

Due to the many complexities involved in filing for bankruptcy, do not take anything for granted. Instead, schedule a consultation with Brooklyn bankruptcy lawyers at the Ursulova Law Offices. By doing so, you will have a bankruptcy law firm in Brighton Beach that not only has the experience and knowledge needed to handle your case, but will also fight hard to ensure you have the best possible bankruptcy plan.