Protected Income and Assets Under the Law

Certain Income and Assets Are Protected Under the Law Without Filing Bankruptcy 

The typical assets of many consumers are protected without filing bankruptcy.  Income and assets that are protected under the law are “exempt” or protected from creditors.

For instance, the following income is protected under the law if the consumer properly asserts his rights in writing pursuant to the rules under the law after a judgment has been entered against the consumer:

• Unemployment compensation
• Social security income because of your age
• Social security disability income
• Pension and profit sharing income
• Veteran’s benefits
• 75% of all net wages are protected
• Public assistance

This is a non-exclusive list.

In addition, most individuals’ assets are protected without filing bankruptcy.  For instance the following is protected:

• Up to $390,000 in equity in your home
• $4,600 in equity in your vehicle
• $10,350 in household furniture, appliances and consumer electronics

This is a non-exclusive list.

However, if the consumer fails to assert their rights in a timely fashion after they’ve been garnished, their exemption rights may be lost.  That is why it is important to hire an experienced attorney who can protect your income and assets.

If you are garnished you should immediately call an attorney. We want you to call us.