Re: Waiting for the SOL.......

Posted by FloridaKillingFieldSkull (68.210.0.12) on August 11, 2004 at 02:45:27:

In Reply to: Waiting for the SOL....... posted by JerNTN on August 08, 2004 at 21:05:13:

If no lawsuits are pending currently, move all you assets into a legal structure that makes you judgment proof, such as a Family Limited Partneship or a Nevada Corporation. An FLP is more secure than a NV corp.

An NV corp. only provides secrecy through bearer shares method of ownership. I believe there are means to pierce the secrecy, so a NV Corp. may be vulnerable. But it is the best for secrecy.

An FLP provides complete liability protection.
If you are single, I don't know if you can setup an FLP, though.

Once your assets are protected through a legal structure, then you'll have a powerful tool to negotiate away a lawsuit. If they know there are no assets to attach, they may pass on you.

If you have to declare BK to remove a judgment, your assets are protected by the legal structure.

If you have substantial home equity and you are not in a 100% homestead equity state such as Texas or Florida, a legal structure to protect your home equity is essential.

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