Working Animals in Bankruptcy

For some in the United States, animals remain an integral part of their livelihood. For these citizens, working animals are more important than almost any other piece of property, as these beasts of labor are essentially like four-legged employees. In some instances, a business can practically hinge on the owner's ability to retain these animals, even though financial hardships. When considering a bankruptcy filing, an individual may worry about the fate of the animals they own.

As the details of bankruptcy vary in each state, there is no simple answer as to whether or not a working animal will remain the property of a debtor. However, in many cases, property such as pets and major work assets will remain with the debtor, even though foreclosure or repossession of other assets may occur.

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While creditors may wish to compel a debtor to sell all of his or her assets to raise funds to satisfy an existing debt, the state often recognizes that it would be counterproductive to remove the means by which a debtor's income is to gained. Doing so by the compulsory sale of one's economically essential animals would effectively create a period of unemployment. This does a disservice to both debtor and creditor alike and may result in the creation of an unnecessary burden on social service and assistance programs as an individual is unable to earn sufficiently to address the most basic living expenses..

To learn more about bankruptcy, liquidation, and how animals are considered in the bankruptcy process, it is highly advisable to consult with a skilled and experienced bankruptcy attorney about the matter

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