Plymouth Asset Protection Attorneys Helping You Resolve Financial Issues
No one ever wants to allow a creditor to take their assets. At Benner & Weinkauf, we understand how important it is to protect your assets from debt collectors, which is why we will work to help you retain what is yours. Together, we can resolve your financial problems. If your assets are at risk, contact Benner & Weinkauf now to schedule a free strategy session with our experienced asset protection attorneys.
When Can Debt Collectors Take Your Assets?
If you lose a court case against a creditor, the judge will enter a judgement against you. This judgement will allow the creditor to take some of your assets in order to repay a portion or all of the debt you owe.
What Assets Can Creditors Take?
There are laws that outline which assets creditors can and cannot take when collecting from a debtor. Some types of income are completely protected, which means creditors cannot take any of this income even if a court judgement has been entered against you. Some of the types of income that are completely protected include:
- Workers’ Compensation
- Unemployment Benefits
- Veterans Benefits
Other types of income are partially protected from creditors. In Massachusetts, you are allowed to keep either 85% of your income before taxes or the amount that is equal to 50 times the state’s minimum wage. Any income that falls above this limit can be taken by creditors.
The law also allows you to protect income that is being used for a certain purpose. For example, you can protect up to $500 of income for utilities and up to $2,500 of income for rent per month. But you will need to bring proof that this money is being used to cover these expenses in order to protect this income.
Massachusetts law also protects other assets from creditors, including your primary residence. However, your primary residence is not protected from your mortgage lender, so this law will not prevent the lender from foreclosing on your home.
Other assets that are protected from creditors include up to $2,500 in jewelry, up to $15,000 in furniture, up to $500 in books, and up to $5,000 in tools.
It’s important to note that these sources of income and assets are not protected for certain types of debt, including child support, taxes, and alimony payments.
How Can An Asset Protection Attorney Help?
If you are in debt and at risk of losing your assets, it’s in your best interest to contact the skilled asset protection and bankruptcy lawyers at Benner & Weinkauf as soon as possible. Our attorneys know the law inside and out, so we know how to protect your rights and your assets. We will aggressively fight to reach the best possible outcome in your case.
In addition to protecting your assets, our team can help you find a permanent solution to your financial trouble. Tell us more about your unique situation so we can help you get through this challenging time in your life.
Schedule a free strategy session with our attorneys by calling 774-404-8321 today.