- Convert non-exempt assets to exempt assets:Â Before filing, you might be able to convert non-exempt property (like cash or investments) into exempt property (like household goods or tools of the trade). There are limits to this, so consult with your attorney first.
- Use the wildcard exemption strategically:Â South Carolina has a wildcard exemption that allows you to protect a certain amount of any type of property. This can be used to safeguard assets that don’t fall under other exemptions.
- Accurately value your assets:Â Ensuring your assets are valued correctly is crucial. Overvaluing can lead to assets being seized, while undervaluing might raise red flags.
- Plan your filing carefully:Â Timing can be important. Consider any upcoming financial changes or asset acquisitions that might affect your exemptions.
- Work with an experienced South Carolina bankruptcy attorney: They can provide personalized guidance and help you navigate the complexities of exemption laws, ensuring you maximize your protection. At Lam Law Firm, we understand that protecting your assets is a major concern and a setback when deciding whether bankruptcy is the right choice to make. We will help you determine the value of your assets and will go over the exemptions with you in detail so that you can make an informed decision. As Attorney Lam always says at her consultations, “Bankruptcy is not always right for everyone so let’s dive in to see if it’s the right choice for your family and circumstances.”Â
Schedule a Consultation Today
- If you’re considering filing for bankruptcy, working with an experienced South Carolina bankruptcy attorney can help take much of the stress out of the process. Contact Lam Law Firm today to schedule a free consultation and let our team help you learn more about your options so you can make the best choice for your financial situation.Â
