Are you falling behind on bills, accruing debt or in fear of being sued? If so, don’t be so quick to declare bankruptcy or hide your assets – there are safe, legal ways you can prepare and protect yourself before the creditors come knocking. At Keller & Almassian, PLC, our team of experienced bankruptcy attorneys can help advise you on the steps you should and shouldn’t take.
Traditionally, individuals or companies might try to sidestep trouble by transferring assets to a family member or friend, keeping secrets and avoiding taxes, but doing so could lead to even greater consequences. In this situation, transferring and granting liens are considered fraudulent activities under state law and Bankruptcy Code 548 and can result in creditors forcefully reversing the transfer, suing the person you transferred it to and/or requiring you to sell assets or pay additional fees.
So if traditional asset protection methods won’t work in your case, what can you do instead? The key is to act before a claim has been filed.
Take Action As Early As Possible
Although you may have liability insurance, oftentimes it’s not enough. Before it’s too late, speak with the lawyers at Keller & Almassian. We can help you develop an asset protection strategy to maximize retention and reduce loss of wealth. Together, we’ll evaluate your home equity, insurance, trusts, checking accounts, 401ks, 529 plans, investments and more to give you a better understanding of the associated risks and benefits. We’ll do everything we can to protect you from garnishments, levies, foreclosures, liens and repossessions, while simultaneously moving you into a better bargaining position. With your assets protected, you’ll have access to a wider range of options and possibly can deter litigation or settle a claim. However, we can only do so if you come to us before you start making transfers.
It’s best to seek out an attorney early on, because not only could contacting an attorney later in the process harm you, but it could also reflect negatively on the attorney. If a lawyer tries to help you after you’ve already transferred, he or she could be charged with professional misconduct, malpractice, civil liability or criminal punishment. Therefore, you should always be proactive about your finances to preserve what belongs to you in case a claim is filed soon.
Western Michigan Asset Protection Lawyers
Established in 1928, Keller & Almassian, PLC is a trusted resource in the Grand Rapids, MI community for consulting and asset protection planning. Experienced in working with both creditors and debtors, and with a deep understanding of Chapters 7, 11, 12 and 13 Bankruptcy, you can rely on us to protect you the right way. If you’re facing financial hardships, contact us today to learn about your options moving forward.