If you are behind on payments and your debts keep piling up beyond your control, you may be considering bankruptcy as an option to help you re-structure your life and get out the grip of creditors. This is often a beneficial route to pursue for many individuals who want to get their lives back on track and their finances in a state of stability.
If you are not a home owner and do not qualify for the "homestead exemption" option, there are still options available for you to use for your benefit. Talking with an experienced bankruptcy professional can alert you to options you may not have been aware of.
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Benefits of the Wildcard
If you were not able to obtain homestead exemption benefits, you could be allotted a $4,000 asset exemption for each person in the bankruptcy filing. Thus, for married couples, you could get up to $8,000 in wildcard protection. This "wildcard" option could really help you to protect a big chunk of your assets from being seized and distributed among creditors. If you are a home owner, you could qualify for this exemption if you are going to give your home back to your mortgage company.
Certain types of assets and interests are actually exempt to an unlimited amount. These include:
Income from Social Security Unemployment payments 401K portfolios 529 college investment plans
If you possess these kinds of assets, it's vital that you know how to protect them from prowling creditors so that, when you emerge from bankruptcy, you are not left without everything you have worked so hard to achieve.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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