If you find yourself facing creditors in a state court or bankruptcy proceeding, you may be able to protect certain assets based on the applicable |
In order to understand exempt asset status, a small business owner must keep in mind that asset exemptions are ... |
As a general rule of asset exemption planning, a home should never be transferred to a business entity, such as a ... |
A business entity, such as a corporation or LLC, is not eligible for asset exemptions. Moreover, it must be ... |
Now that we've introduced the concept of planning for asset exemptions--which are established by every state's laws and the federal |
In many states, the most important asset exemption legally protects the homestead--a personal residence--from the claims of most creditors. |
In states where the homestead exemption is unlimited, ideally, you should pay off all consensual liens (i.e., first ... |
When the homestead exemption is limited and the value of the home exceeds the exemption, this strategy should be employed: Keep the home encumbered with ... |
When developing an effective asset exemption plan, if a state provides for no homestead exemption, or an extremely ... |
Where state law permits it, owning your home in the form of tenancy by the entirety may offer you the greatest protection, when no homestead exemption is ... |
