Protecting Your Valuable Assets
Many people mistakenly believe that if they file for bankruptcy, they will lose all their assets. They worry someone will take their homes, cars, boats and other property that they have worked so hard to obtain. The good news is that much of your property can be protected from creditors while you go through bankruptcy.
At Borras & Latino, P.A., we provide bankruptcy asset protection for clients in Fort Myers and other southwest Florida communities. Our firm has detailed understanding of the current bankruptcy laws and can help you keep your most valued assets. Call 239-935-5712 or 888-724-0544 to discuss your situation with one of our lawyers.
Florida Asset Protection
If you file Chapter 7 bankruptcy, most of your unsecured debt will be discharged. However, the bankruptcy court can liquidate certain assets to pay your creditors. If you file Chapter 13 bankruptcy, your unsecured debt will be reorganized into a repayment plan stretched out over three to five years.
If you file for either bankruptcy chapter in Florida, certain assets are exempt. These include:
- 401k plans
- Pensions
- Life insurance proceeds
- Personal injury compensation
- Inheritances, subject to a specified timeframe
However, you may wish to keep other assets that you are currently paying on. Many people want to keep their homes, cars, boats and other property. To do this, you can reaffirm the debt and continue making timely payments. When you sign a reaffirmation agreement with a creditor, you are essentially agreeing that the debt will not be included in your bankruptcy estate. This contract holds you liable for paying on the debt in question.
Walking You Through the Process
There are a number of issues to consider when filing bankruptcy or signing a reaffirmation agreement. Contact our firm to schedule a free initial consultation with a Fort Myers attorney dedicated to helping protect your assets in bankruptcy.
Borras & Latino is located in a historic home located near the Butterfly Estates, approximately a half mile from the Federal and State courthouses in Fort Myers. We are available to clients seven days a week by appointment.
We offer payment plans and accept credit cards. Hablamos español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
