Some situations require “Pre-Bankruptcy Planning for Arizona” in order to minimize the Debtor’s exposure in the bankruptcy. Examples of such planning might include:
- An analysis of exempt assets (which are protected) and non-exempt assets (not protected), to ensure that non-exempt assets are minimized if possible.
- A review of potential assets that might come in to the Debtor’s estate by way of inheritance or lawsuit proceeds to ensure that these assets are protected if possible.
- A thorough review of the client’s financial situation in more complicated cases.
Many people are under the mistaken impression that they can simply dispose of their assets by gifting to their relatives, or not disclosing the asset in the bankruptcy filing. These avenues are extremely risky and can expose the Debtor to penalties, including the denial of a discharge. The individual who receives the asset may also be forced to surrender the asset to the bankruptcy estate after the bankruptcy is filed. However there are various ways to uses your money or other assets before your bankruptcy filing which comply with the bankruptcy laws.
It is critical that these matters be discussed with your bankruptcy attorney to ensure that they are properly handled. Although “Pre-bankruptcy planning for Arizona” services are billed separately and are not typically included in the flat fee rates for the bankruptcy representation, often it is well worth the extra fees to protect more of your money or other assets.
The Butler Law Office has over thirty three years of experience and can help you make the decisions that are best for you or your business!