Many people who would benefit greatly from filing bankruptcy don’t do it because they’re afraid. They’re afraid to file bankruptcy because they mistakenly believe that all of their property would be taken away from them. They picture themselves losing everything they own and having to start all over with just a cardboard box.
This is just not the case. The truth of the matter is that the vast majority of people who file bankruptcy get to keep everything they own.
While they vary from state to state, each state has laws that “exempt” or protect certain kinds of property, such as your house, your car (up to a certain value), money in qualified retirement plans, household goods and clothing. Oklahoma’s exemption law can be found here.
If you are struggling with debt problems and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.
{ 2 comments… read them below or add one }
We have a S corporation and the business trucks have been depreciated through the corporation as an Investment credit, would this equipment be considered an asset of the business, and be protected in a personal bankruptcy.?
Teresa,
In bankruptcy, the trucks will be considered an asset of whoever is listed on the motor vehicle titles. If the motor vehicle titles reflect the S corp as owner, the vehicles may indeed be protected but if the S corp’s balance sheet is in the black, you may still have an asset that you can’t protect. This is because you must disclose all of you personal assets when you file bankruptcy, and one of your assets will be your ownership interest in the S corp (assets minus liabilities in my opinion) and that ownership interest would not be exempt.
Dan Nunley