Defending a lawsuit is expensive, time consuming and emotionally draining, but we have found that most plaintiffs will settle for comparatively little – and will settle early – once they learn that our client is well-fortified. Asset Protection isn’t a guarantee that you won’t get sued. However, if you are sued and your assets are well-protected, Asset Protection planning put you in a strong position to negotiate a fast, inexpensive settlement for pennies on the dollar. Many people believe in the misconception that Asset Protection is about hiding. However, it is the opposite, you want to sell your Asset Protection Plan to try to avoid litigation with early settlements.
Always negotiate from a position of strength. Most plaintiffs won't know that you're shielded until after they sue and your attorneys talk. Let your opponent know you have nothing to lose, and they have little or nothing to gain from their lawsuit. Plaintiffs also realize they'll have attorney fees – 25% to 50% of any recovery. However, if there is very little or nothing to recover, both the plaintiffs and their lawyers are less likely to pursue a case. Why would a plaintiff or their attorney go through litigation if they have nothing to gain at the end?
The trick, of course, is to become judgment-proof so you can prove you have no exposed assets. If so, more negotiating tips:
- Sincerity, quick action and close contact with your creditors are vital to build credibility and reduce hostility
- Prepare accurate financial statements before you negotiate
- Truthfully reveal that you have few or no exposed assets
If other creditors hold priority claims, sell this point, too. Treat your unsecured creditors equally. Give each a proportionate settlement.
Contact The Presser Law Firm, P.A. for a complimentary consultation to learn more about Asset Protection, Business Law, Estate Planning, and/or any other legal needs that you may have.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com