Asset Protection & Bankruptcy
ASSET PROTECTION
Asset protection is financial planning designed to legally protect your assets:
Some Asset Protection plans include:
Creation of Irrevocable Trusts to protect assets from creditors;
Creation of Medicaid Trusts and Qualified Investment Trusts to protect assets from Medicaid Penalties and to qualify for Medicaid;
Creation of Entities to limit personal exposure to foreseen or unforeseen events;
Transfer of Real Estate and other Assets to trusts, entities and other individuals; and
Creation of Prenuptial Agreements to protect an individual’s assets prior to marriage.
BANKRUPTCY
Sometimes times become challenging. Bankruptcy laws were created to assist individuals and businesses with resolving serious financial situations. Let an expereienced team resolve your more sensitive issues. Here at Cardan, it’s personal.
If you are considering filing for bankruptcy, we can take the time to explain the process, what to expect, and all the pros and cons. It starts by assessing your current financial problems and determining whether filing is the best option for you.
We may help you file one of the following options:
Chapter 7 bankruptcy: Bankruptcy where any assets that are not exempt will be sold, and the proceeds will go to your creditors. This process may be beneficial for those who have few to no assets before filing. Furthermore, you will most likely not lose your vehicle*, personal possessions, pension funds, or a (certain) level of equity in your home. Possessions that may be subject are family heirlooms, second (and additional) vehicles, vacation homes, art, and/or investment accounts.
Chapter 13 bankruptcy: Bankruptcy involving a process where the court appoints a trustee to reorganize your debt and oversee your 3-5-year repayment plan. This form of bankruptcy is often appropriate for those who have a steady job and a regular income.
*Depending and up to a specific value
