Don’t be afraid of losing your possessions in bankruptcy
One of the most common reasons people delay or avoid filing for bankruptcy is the fear that their possessions will be taken away. If you are worried, you should know that the law allows people who file for bankruptcy to keep certain amounts of most possessions. There are options for saving possessions in bankruptcy.
The Law Has Changed
As of July 2013, there are now two options for debtors in bankruptcy. You can now choose between the Federal exemptions and the Oregon or Washington exemptions for bankruptcy depending upon where you live. This is great news for the thousands of people who each year file for bankruptcy protection in Oregon and Washington.
How does this affect most people in bankruptcy?
Prior to this change in the law, our firm’s clients would often have great concern about some assets that they would lose under the Oregon scheme.
It is always a tough conversation when I discuss what assets a client is likely to lose. The good news is that these conversations are fewer and far between. In most cases since the passing of the Federal exemptions scheme in July 2013, bankruptcy filers are not at risk of losing any assets.
Asset protection and asset planning is one of the most important things I do as attorney for my bankruptcy clients. If you decided to hire me, I will perform these services as part of your bankruptcy case also, I will help you in saving possessions in bankruptcy.