How can you protect assets from judgements?

Question

Example; The judgement against an indvidual is in resident state, the joint assets co-owned are in another non-resident state. How can you protect the out of state assets from being attched for a judgement from another state? Is putting the out of state assets in someone elses name the only way to protect the out of state assets?

Answer 1

Generally, you can sell assets or transfer ownership. In some instances real estate is protected from judgments. Establishing a Trust can also offer some degree of protection.

There are many variables that need to be considered. You should consult an attorney if you want tailored advice.

Answer 2

Normally by placing those assets in anothers name will keep those assets untouchable. However, in the past few years, things have changed to where it IS possible to got after those assets even if they are in a different name. The particulars are extremely lengthy so your best bet is to contact an attorney!

Lastly, if you have a judgement against you....then I suggest you pay your judgement!!

Answer 3

Yes, By law as long as you transfer it before the judgment is handed down it is all legal. You can sell something to a friend for as little as a dollar to protect it from someone u don't want to get. Couples that are divorcing do it all the time.

Answer 4

Marshalling the assets is a crime (putting in someone else's name). If out-of-state asset is in Florida, they have very debtor friendly laws regarding attachment... I believe you should search for UCC code (enter "UCC Article 9" in google, then read the statute).. Article 9 may not apply, though, but it's a starting point. UCC is the law in all states...

Answer 5

Yes

Answer 6

Become a Coproration. That's how the Big Guys escape judgment!