Dothan, Alabama
111 Adris Place
Dothan, AL 36303
(334) 673-0100

How to Protect Your Assets During Bankruptcy October 1, 2018

Dothan, Houston
How to Protect Your Assets During Bankruptcy, Dothan, Alabama

It’s possible to protect your assets during bankruptcy with knowledge of the laws and wise strategy. Attorneys can help clients choose between Chapter 13 and Chapter 7 bankruptcy, and work with them on planning their case in advance, including claiming exemptions. Here is everything you should know about protecting your assets during this time. 

Asset Protection in Bankruptcy

Advance Planning for Asset Protection

Bankruptcy attorneys offer strategies for clients to maximize their exemptions and cover nonexempt assets. If you purchase a life insurance policy, make mortgage payments, and pay down non-dischargeable debts, such as student loans and child support, you can reduce liquid assets before filing a bankruptcy petition. This can help bring remaining assets down to the exemption limits.  

Chapter 13

bankruptcy-Dothan-ALIf you time the purchase of a car or other necessities for personal or family use before filing, it can protect those assets after starting the bankruptcy process. Payments for three to five years under a Chapter 13 plan enable debtors to cure their defaults on assets including houses and cars. The plan protects them against actions by creditors while other assets are covered under exemptions.  

Chapter 7

By claiming state exemptions, you’ll protect property including household goods and furnishings, motor vehicles, retirement accounts, and Social Security payments. A trustee of a Chapter 7 bankruptcy has the power to liquidate, or sell, non-exempt assets and distribute sale proceeds to creditors. If you plan a year or more before filing, you can eliminate non-exempt assets. 


The attorneys at The Gil Law Firm in Dothan, AL, have 18 years of experience helping Alabama, Georgia, and Florida residents protect their assets when they file bankruptcy. These legal professionals combine skill and compassion to guide clients through the complex process of obtaining debt relief. Call (334) 673-0100 to schedule a confidential consultation appointment. Learn more about the firm online and follow them on Twitter for news. 

Other Announcements, Events and Deals from The Gil Law Firm
How to Talk to the Claims Adjuster After a Car Accident Injury, Dothan, Alabama
If you were hurt in a car accident that wasn't your fault, you may have grounds for a personal injury claim. Since insurance adjusters are trained to find even the smallest reason& more
What’s the Difference Between SSI & SSDI?, Dothan, Alabama
For individuals living with a disability, receiving financial benefits through applicable programs can make all the difference in maintaining a good quality of life. The Social more
What Does a Bankruptcy Trustee Do?, Dothan, Alabama
Individuals who file Chapter 7 or Chapter 13 bankruptcy are expected to cooperate with their assigned trustees. This person oversees and represents the estate in question, so more
What Mental Impairments Qualify for SSDI Benefits?, Dothan, Alabama
The Social Security Administration awards disability insurance benefits to individuals suffering from mental disorders as well as physical disabilities. In both cases, more
How to Build a Strong Slip & Fall Case, Dothan, Alabama
If you were recently involved in a slip-and-fall accident, you might be interested in filing a personal injury claim. The law protects victims in these cases, but before you more