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.
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, Kimberly, 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.