Much of your assets are always protected from creditors.

There are both state and federal laws which protect certain items you own from seizure. A good example would be retirement accounts such as pensions, IRAs, or 401Ks. These funds are ‘exempt’, which means that no creditor may take them.

You cannot simply ‘give’ your non-protected assets to others solely to place them beyond the reach of creditors. You may not defraud the Bankruptcy Court or your creditors; these acts carry serious penalties. Failure to be completely honest with the Bankruptcy Court can result in criminal charges providing for jail time up to 5 years and fines up to $250,000.00.

So there’s really no reason to be sneaky– it is likely that most of your property would be covered by one exemption or another.

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When you’re ready to get out from under the crushing debt load and begin a new debt-free life, contact Dallas bankruptcy lawyer Rustin Polk by clicking here. Tell our Appointments Coordinator, Cindy, that you are a website reader and she will set you up with a free, no obligation appointment to learn how we can help you.