Why You May Need Protection from Creditors

When you are facing the prospects of bankruptcy, one of your biggest worries is wondering which if any of your assets will be protected from creditors. Since this can be a complex and confusing process, it is important to make the right decisions to ensure serious mistakes are not made along the way. Unfortunately, creditors will usually make every effort to seize as many of your assets as possible prior to bankruptcy. Because of this, you should work closely with Henrico bankruptcy lawyers at Canfield Wells to make sure you get the maximum amount of protection from creditors.

Personal and Business Assets
When you are involved in bankruptcy proceedings, it is vital you have your finances set up so that you can keep personal and business assets separate from one another. By doing so, you limit what assets creditors may gain access to to help pay your debts. In most cases, it is best if you have set up an LLC, since creditors will then be forced to treat the LLC as a separate business.

Protection from Lawsuits
For many creditors who are trying to collect as much money as possible to satisfy debts, filing lawsuits against individuals or business owners is a common way to get what they want. If you have failed to adequately set up protections regarding your assets, these lawsuits could prove to be very effective in helping creditors seize virtually all of your assets. However, by working closely with Henrico bankruptcy lawyers at Canfield Wells, your attorneys can advise you as to the best strategies to use for your particular situation.

Since creditors will be extremely aggressive in attempting to collect on debts, make sure you take the necessary steps to protect as many of your assets as possible. To do so, schedule a consultation with experienced and knowledgeable Henrico bankruptcy lawyers at Canfield Wells.