Filing for Bankruptcy: What Can You Protect?

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Protecting bank account funds is a priority for most people filing for Chapter 7 or 13 bankruptcy. How bankruptcy will affect your cash or bank account deposits depends on whether the money is protected by a bankruptcy exemption and whether you are able to do some pre-bankruptcy planning to protect money that is not exempt in bankruptcy.

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If you own an existing right, you do not need to do anything at this stage. Design protection can currently be obtained via a registered. EUIPO will only publish basic details about the right.

Think of asset protection planning as a way to legally preserve many of the things you own so that creditors can’t take them from you. If you begin to gift assets or move cash after you have filed bankruptcy, or in some cases, the 12 months before filing bankruptcy, you could be hit by the "fraudulent transfer" law.

What if I file for bankruptcy protection? Debts discharged through bankruptcy are not considered taxable income. If you are an individual debtor who files for bankruptcy under chapter 7 or 11 of the Bankruptcy Code, a separate "estate" is created consisting of property that belonged to you before the filing date.

Against this backdrop, it’s unfortunate that bankruptcy hits responsible persons the hardest because they likely have the most to lose. If you are filing this year, then you may have a great deal you wish to protect. I thought I’d share some tips from a recent article onSmartMoney about what you can protect.

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If the court issued the writ before you filed your bankruptcy case, the bankruptcy would not protect you unless your state has laws that allow you to catch up on your payments. Criminal Cases Just like code enforcement and nuisance suits, criminal cases are a part of the local government’s police powers.

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The purpose of bankruptcy isn’t to strip you of all of your belongings-it’s to give you a fresh start. In addition to protecting the basics, you’ll likely be able to protect other things, too, like religious texts, a seat in a house of worship, or a burial plot.