East Bay Business Daily

How to protect my assets from a deficiency judgement?

Once a deficiency judgement is issued, what measures will the lender go to in order to determine my assets? What do I need to do to effectively "hide'" MY ASSETS?

Public Comments

1. If you have assets, why wouldn't you just pay your bills? I don't understand this reasoning. Someone was kind enough to lend you the money when you needed it, yet you will work and research to stiff them on it rather than pay them back with a thank you?
2. Really it depends on what your assets are. In asset protection, you'll notice that most people whom have a judgement against them, sell everything and move to Florida. Florida is the only state in the US that protects your house, which is normally your largest asset. There are other strategies people implement, typically involving irrevocable trusts, insurance products and corporations, but they are always specific to your situation. Consult a lawyer that specializes in this area and double check that what you are doing is legal, many so called asset protection specialists will get you in trouble, including possibly having your cash seized when being transferred out of the United States. Don't do it - ask a lawyer. Good luck!