Assets You Can Protect when Filing for Bankruptcy
Not many Vermont residents are fully familiar with the assets that they can protect once they file for bankruptcy under the direction of a professional bankruptcy lawyer in Burlington, VT. For instance, it may or may not cause no small amount of relief to discover that included in protected assets, as proscribed by the law, are “one cow, two goats, 10 sheep, 10 chickens, and feed sufficient to keep the cow, goats, sheep or chickens through one winter”.
This is good news for certain farmers, possibly, although one cow for a rancher hardly makes a farm. Other may find it somewhat easier to breathe knowing that “three swarms of bees and their hives with their produce in honey” are protected, as well as “one yoke of oxen or steers or two horses kept and used for team work;
two harnesses, two halters, two chains, one plow, and one ox yoke” as well. While it is not a very modern way of plowing the field, at least it is something.
A bankruptcy lawyer in Burlington, VT will not likely concentrate on these aspects of bankruptcy law, admittedly, when you go to him in order to begin the process of starting your financial life over again. Some of the more pertinent protections (for most of us) include interest in a motor vehicle, jewelry (including your wedding ring), your furniture, stove, appliances, firewood and fuel. Other protections offered by bankruptcy law include interest not exceeding $700.00 in bank accounts, many types of retirement accounts (including Roth IRAs), and health care aids.
After you have successfully filed for bankruptcy, a bankruptcy lawyer in Burlington, VT may further advise you that your social security benefits are protected, plus any pensions that you earned in the armed forces, benefits that you receive for disability. Alimony or separate maintenance due to divorce also cannot be touched. Various kinds of legal compensation are also protected from creditors.
At the end of the day, you will discover that when your bankruptcy lawyer in Burlington, VT helped you to start the process of bankruptcy, he knew what he was doing. The ability for creditors to seek recompense regarding these items is severely limited according to bankruptcy law, which has as its intent the potential for you to step back, take a breath of fresh air, breathe a little more easily, and start your financial life over again from the beginning.
Bankruptcy Lawyer Burlington VT – If you are looking for bankruptcy lawyer in Burlington VT, The Law Offices of David Lynch provide consultations for those who are ready to make a fresh financial start by filing for bankruptcy.
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