Re: Protecting assets

Posted by Keyser Soze (205.188.116.131) on July 11, 2004 at 21:13:07:

In Reply to: Protecting assets posted by Ann on July 11, 2004 at 20:32:57:

Sounds like solid move. Am no expert, lawyer familiar with your state would best advise you. Placing car in corporate name may give some protection, provided you don't trigger Fraudulent Transfer of Assets statutes.
Second layer you propose is securing car with a lien. Regardless of whether or not lienholder is shareholder, carnote makes the car a secured asset. Creditor would have to buy out the note.
Remember, cars are valued at or below wholesale. Collectors really don't want them. Repo men, thanks to laws passed a few years ago, can take car only if they don't create a disturbance. Gone are the days of breaking into garages, and stoplight seizures. If you're in the car, see to it a 'disturbance' is created. Tell your doctor of your distress. Watch these cow-vomits clean up their doody-faced little larcenous acts in a big, fat, hurry.

Doodi-fully,

Keyser Soze

"Repo man's got all night, every night!"
- 'Bud', c. 1984, "repo man"

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