Bankruptcy Attorneys Know How To Protect Your Assets

It is important to use the correct legal shield to protect your assets in bankruptcy, as improper shielding can result in criminal charges.

Bankruptcy attorneys are experienced in the field of asset protection and know how to protect your property and your assets during the bankruptcy process. This includes Bank Accounts, Cash Value Life Insurance Policies, Investment Accounts, and even your home and car.

Bank Accounts, Cash Value Life Insurance Policies, and Investment Accounts are protected

If you have a life insurance policy with a cash value, it may be protected by bankruptcy laws. This protection is often available for policies with higher cash values. If you are filing bankruptcy, you should check the policy documents and contact the insurance provider. Make sure you list the life insurance policy and cash value in your bankruptcy forms.

Cash Value Life Insurance Policies, Investment Accounts, and Bank Accounts are protected by bankruptcy attorneys. However, there are certain exceptions. If you own a life insurance policy, you must show the bankruptcy attorney the policy’s documents and cash value before he can protect your assets.

Home, vehicle, and other valuable assets are protected

When filing for bankruptcy, you will need the help of a bankruptcy attorney to ensure that your home, vehicle, and other valuable assets are protected. The state of Utah recognizes certain assets as “exempt” in bankruptcy, but there are also other types of assets that are not. If your home is not exempt under state law, you can use a state-approved exemption to protect it. A bankruptcy attorney can also protect your home from foreclosure, if you file timely.

Bankruptcy attorneys protect your valuable assets and welfare benefits. You may not want to file for bankruptcy if you have a significant amount of retirement accounts.

Legally shielding assets in bankruptcy can lead to criminal charges

Attempting to legally shield assets in bankruptcy is a violation of bankruptcy law and can lead to criminal charges. These charges often stem from a person’s intentional attempts to conceal assets from the bankruptcy trustee. Common examples of such activities include transferring title to property or other assets to third parties.

In some cases, the federal government investigates the case to determine if a crime was committed. If a criminal charge is filed, the prosecutor will likely have to prove beyond a reasonable doubt that the defendant knowingly concealed assets. This means proving intent to deceive and intent to defraud the victim, which could be the federal government or a creditor.

Criminal charges can be filed if an individual has multiple assets that are hidden from the bankruptcy court. However, the offense is only committed if the assets were hidden prior to the bankruptcy petition.

A bankruptcy petition must disclose all assets, regardless of how minor they may be. If an individual fails to disclose assets in bankruptcy, they can be charged with a federal felony. In addition, the case can lead to charges of bribery and false oaths.

If you need an Bankruptcy Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676–5506
https://www.ascentlawfirm.com

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