Posts Tagged ‘bankruptcy attorney in greenville sc’
The list of exempted assets from bankruptcy is different from one state to others, but there is general list of exempted asset under federal regulations. What are those? Why these assets are exempted?
First is Retirement Benefits. This benefit for civil service employee, military service employees and rail road employees. Their retirement benefit will be protected from bankruptcy liquidation in the process of debt repayment.
Second is Social Security benefits and Veteran’s benefits are also exempted from bankruptcy process as well as Survivor’s Benefits paid to a survivor in military service. The other service to the nation is also exempted such as service as a judge, or service in a lighthouse.
Third, The Death and Disability Benefits paid for U.S. government employees, harbor workers, and the military are in the list. We could see this as a protection for the minimum quality of life for the disable persons. If you still need further explanation about the benefit, you can seek for explanation in the free initial consultation from bankruptcy attorney in greenville sc.
The last item on the list is military deposits to savings accounts during their permanent duty out of country. This review shows us that bankruptcy will not take all from your life, certain items that crucial for survival for retired employee, disable person will be protected. Bankruptcy law needs detail explanation regarding this matter to be able to make a proper lost of assets either the exempted assets or the non exempted assets. Although it sounds simple, you will find a good help to make a proper list with the help of the expert: bankruptcy lawyers in greenville sc.