Hi, I’m Mike Greiner. I’m a bankruptcy attorney here with The Financial Law Group located in Warren, Michigan. Our phone number is 586-693-2000. Our website is financiallawgroup.com. And I’m here to talk to you today about protecting your assets as you go through bankruptcy. One of the biggest concerns people have when they’re contemplating bankruptcy is they’re concerned that they’re going to lose a bunch of the things that they own. Well, for the most part, and for most people, they never lose anything as they’re going through bankruptcy.

There is such a thing called exemptions. And what exemptions are is that it’s the procedure by which we protect your assets. You see, when congress was drafting the bankruptcy code it understood that business’s will be wiped out, that’s an understanding. However, people still need certain things to go on living. They still need clothing, they still need furniture, they still need a vehicle, they still need their home. So as a result of that, what they did is that they put certain exemptions of the bankruptcy code that allow you to keep your assets.

Generally speaking, we’re able to protect most assets that people have if not all of them. In fact, it’s pretty rare that I client of mine will actually lose an asset as they go through their case. And one thing is for sure. As we’re going through the preparation process of getting the documents ready, usually, I’m able to point out to that person that there is a risk that a certain asset will be lost. So we can kind of make a decision how we proceed from there, from that point on.

If you’re concerned about bankruptcy and want to find out if you can go through bankruptcy and protect all your assets at the same time, feel free to give my office a call. We offer free consultations and I would be glad to meet with you personally. My phone number is 586-693-2000.