Liquidation Lawyer Tampa, FL
Liquidation Lawyer Tampa, FL
Choosing to declare bankruptcy can weigh heavily on those who have made this decision. Often, bankruptcy is a last option, but something that must be done for those who are in significant debt and are unable to get out of it. Many people are reluctant to proceed with bankruptcy; particularly because of the stigmas and taboos associated with doing so. As a liquidation lawyer in Tampa, FL might explain to you, with careful preparation and the right identification and utilization of exemptions, bankruptcy can be the best way towards financial recovery.
Bankruptcy is An Exit
Bankruptcy tends to be cast in a way that causes people to associate it with problems, gloom, and negativity. Bankruptcy is not a dead end, and should not be seen in a way that is “bad”. Bankruptcy is a way out. It provides individuals and businesses a means to settle, reduce, or eliminate debts. In some cases assets will be seized and sold to repay some of the debt. There are certain laws that can protect some assets from being liquidated. A liquidation lawyer in Tampa, FL can help you to know which assets may be at risk of being seized.
Exemptions in Bankruptcy Seizures
If you choose to file for bankruptcy, certain exemptions may be available; and these might protect some of your assets from being seized. Although every state has their own laws, in Florida the law guarantees a broad range of exemptions. In general your primary residence will be protected from bankruptcy. A bankruptcy lawyer Tampa, FL trusts can confirm this is true for you when you call The Law Office of Michael A. Ziegler, P.L.
In the event you are a retiree who is filing for bankruptcy, you can feel peace of mind in knowing that your retirement income will almost certainly be protected under bankruptcy laws. In Florida, state law protects pensions, retirement funds, government assistance, and disability checks. These financial “assets” cannot be liquidated or seized by creditors who are seeking to be paid for debts owed. There are other sources of income that are typically exempt from liquidation. A Tampa, Florida liquidation lawyer can explain these to you during a consultation.
Certain Savings Accounts
Should there be money set aside for certain things like a child’s education, this is generally exempt in bankruptcy. In order for this to be true, the funds must be held within a college fund, trust, or other type of fund that is meant to go to the child’s education. If you have a medical savings account, this will also likely be exempt from bankruptcy.
The Law Office of Michael A. Ziegler, P.L.: We Are Ready to Help You
As a liquidation lawyer Tampa, FL has to offer, we would like you to understand that there are assets that can be protected during your bankruptcy. By understanding what this may entail for your unique situation, please call a leading liquidation lawyer in Tampa, FL, such as one from The Law Office of Michael A. Ziegler, P.L.
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