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Richard Banks & Associates, P.C.
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Exemption planning as part of the bankruptcy process


One of the most basic services our law office offers Bradley County, Tennessee, residents is helping a debtor fill our his or her bankruptcy forms correctly. Indeed, bankruptcy clients have the right to expect that their attorneys will make sure that their official forms will be accurate and complete. If they are not, it can land the debtor in to a lot of trouble and even keep them from being able to get debt relief.

However, correctly filling out forms is the minimum duty of a bankruptcy attorney. A quality attorney, like the specialist at our law office, understands the full consequences of what a debtor says, or does not say, on his or her forms.

For instance, what property a debtor lists and the property's value will have a big impact on whether and to what extent a person will be able or claim the property as "exempt" under federal or state law and then keep it while still getting the maximum possible debt relief.

This sometimes calls for careful legal strategy and planning, which our law office provides after assessing our clients' financial situation. On the one hand, there are restrictions on what a debtor can and cannot do with his or her property immediately before a bankruptcy, and not honoring these restrictions can land a person in hot water.

On the other hand, a person has the right to use what legal remedies they have to protect their property from creditors. Under the right circumstances, this means people can choose to invest their income and resources in to property that will be treated as exempt. However, people often need legal advice and assistance to do so effectively.

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