When faced with the perspective of losing a large amount of your assets to a creditor, many ideas might be running through your mind. There are things you can do to mitigate the damage but hiding your assets is not one of them.
A judgment creditor has many ways to force you to disclose your finances. Depositions, interrogatories and requests to produce documents are all options. Your creditors can also subpoena your records and information from third parties. A judgment creditor searching for your assets can check loan and credit applications, bank records, tax returns, court cases (i.e. prior divorces which disclose assets) and insurance policies. Computers make everyone's financial affairs an open book. Since the ways to gain financial secrecy are so sophisticated, judgment creditors and prospective litigants can hire professional asset search firms to locate hidden assets even if those assets are not highly valuable. Assume your creditor can accurately profile you. It is best to avoid the 'hide the assets' game.
However, making it difficult and expensive for a judgment creditor to find your assets will certainly help discourage frivolous lawsuits. A litigant looking to seek a quick settlement, is less likely to spend time and money searching for your assets. Anonymity and privacy rather than hiding can be major benefits of Asset Protection.
To find out the best course of action for preserving your assets call The Presser Law Firm P.A. today to schedule a complimentary preliminary consultation.
The Presser Law Firm P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(800) 999-9992 or e-mail firstname.lastname@example.org
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