In some sense, a great bankruptcy attorney must also serve as a sort of estate planner for you. Obviously, bankruptcy is a complicated and at times gut wrenching process, but there's more to it than that. There are ways to preserve ownership of a portion of your assets assuming your case is handled with precise expert care.
For example, your earnings can be garnished, and this happens often. But what if you earn a high salary? It happens here as well, but your attorney should advise you to consider taking a portion of your pay in delayed earnings (to be paid out at a later date. This is a trick often used to reduce one's taxable income level in order to reduce the total taxes owed in a given year.
There can also be a limited transfer of assets prior to filing for bankruptcy. A good bankruptcy lawyer should know to advise you of this, and assist you in doing so. In such cases, the ownership of some assets are often transferred to a significant other or trusted friend, family member, etc. I say significant other rather than spouse because anything your spouse owns is considered marital property and is therefore subject to forfeiture, seizure, and/or liquidation to repay creditors.
These techniques are not nefarious in any way, rather they are common practice by bankruptcy attorneys looking out for their clients' best interests. The goal isn't to rip off creditors; it is to leave you in the best financial position possible once a bankruptcy filing has been completed.
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