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Re: old judgement
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Posted by Keyser Soze
(152.163.189.170) on March 03, 2003 at 21:22:09:
In Reply to: old judgement posted by Old Judgement on March 03, 2003 at 20:36:37:
You might- if the judgement is still enforceable - setting up a limited liability partnership with you as limited partner. Consult a good attorney who specializes in asset protection. Run 'asset protection' through the google, check out Adkisson Group, very informative.
Partnerships are expensive to set up but - they beat the Fraudulent Transfer of Assets Statutes. Also, though a judgement creditor could get an attachment to the partnership, he'd regret so doing. He becomes a partner, liable for his share of federal taxes. So what, you say?
Well, the partnership is allowed to declare phantom profits many times higher than what the investments might earn. High profits - high taxes, for greaseball creditor.
Or, with twenty grand, cash it out fast and bury it. West Texas is vast, beautiful, wish I lived there. A good place to stash some mad money as well as troublesome collection agents. Keyser Soze "Somebody overheard something, sometimes
all it takes"
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