Asset Protection Lawyer in Hartford, CT
Many people think that an asset protection lawyer in Hartford, Connecticut, is out of their pay grade. Asset protection is a solid way to guard your wealth, but it’s not just for the super-rich. It can benefit anyone, and can make the difference between losing everything and managing to hold onto your prized possessions.
In a perfect world, we wouldn’t have to worry about losing everything we’ve worked so hard to own: that second (or third) house, that dream car, your savings, and even collections of rare baseball cards. Everything we own can tell a story, and every asset can be looked at like an investment, cared for and looked after over the years. But all of that can vanish in a blink of an eye, for a few life-changing reasons.
Losing your Assets
Ordinarily, we’d like to think the things we own are ours until we say otherwise. Unfortunately, there are many ways people can lose their assets:
- Bankruptcy: When you file for Chapter 7 bankruptcy, it means your assets will be liquidated to pay off your creditors. While bankruptcy is a quick and easy way to get out from under crushing debt, it does mean you’ll have to sell off much of what you own. This usually means losing non-exempt property: Cars over a certain value, collections, pretty much everything that’s not a primary residence, appliances, or work tools. The list of exempt properties is bigger than you’d think, so contacting an asset protection lawyer in Hartford, CT, is a smart way to protect what you own.
- Lawsuits: Typically, we’d expect insurance to cover our losses in the event of certain lawsuits. If a branch from your tree falls and damages your neighbor’s roof, or your dog bites someone on your property, you’d think homeowner’s insurance could pay for any damages from a lawsuit. However, some policies fall short, either in terms of amounts paid or coverage in general. When this happens, you could be forced to sell off assets to make up for the difference. You can never completely rely on insurance to keep your possessions safe.
Do you really want to lose everything you’ve worked hard to gain? And what about your precious family heirlooms? These are all at risk – you can lose these possessions just like pretty much anything else that can be liquidated, unless you take steps to protect them.
How Can I Protect My Assets?
The first step you can take to protect your assets is to reach out to a qualified asset protection lawyer. Asset protection attorneys specialize in the legal methods you can use to protect your property, and will work closely with you to develop a personalized asset protection plan that works best for what you own and what financial troubles you anticipate for yourself. Asset protection lawyers know which legal techniques you can use to best guard your wealth, and they can protect you and your properties from creditors and those who are seeking to sue you.
Lawsuits and bankruptcy can happen to anyone, so make sure you’re protected. If you’re looking to keep your wealth safe, reach out to an asset protection lawyer in Hartford, CT, and see what the Law Offices of Ronald I. Chorches can do for you