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Re: cohen&slamowitz
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Posted by Keyser Soze
(64.12.116.84) on May 20, 2004 at 20:30:22:
In Reply to: Re: cohen&slamowitz posted by buster819 on May 20, 2004 at 18:56:13:
Yes, they can and will go after any liquid assets including brokerage accounts. These are a more complicated and costly to locate, but yes, unless protected by an LLP or other suitable means, they are vulnerable to attack and capture.
As far as money in savings from consumer loan, it's all money to these crooks, they'll take it and leave you with the pleasant task of explaining matters to the consumer loan company. Liquid assets can also be placed into partnerships.
Another point to mention re LLPs, neglected to mention before. In addition to difficulty in attaching and risk, in that creditor assumes responsibility for his 'share' of the tax bill, LLP's beat the Fraudulent Transfer of Assets Statute.
This rule sounds scary, it is, though violating it won't land you in the Calabozo, where Barrister Lehahan should be thrown, along with Hughie and 'Dumpy'.
Fraudulent transfer: You have debts, fearing a lawsuit, you sign over assets to a third party, hoping to protect them. Nope, seen as a 'Badge of Fraud', taken from Common Law. The creditor goes after both you and the 'new' owner of your assets. Partnerships don't work that way, provided certain tests can be met.
Testily, Keyser Soze
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