Re: HELP! NEED ADVICE!

Posted by Julio Martinez-Clark on January 29, 2008 at 13:12:45:

In Reply to: Re: HELP! NEED ADVICE! posted by steele in minnesota on January 29, 2008 at 08:57:57:

Kris,
Steele's answer is very accurate. There is no "yes" or "no" answer to your
question since it all depends on "collectability." The following is from an
article that I wrote about foreclosure titled "Homeowners’ Dilemma: To be
or not to be in Foreclosure":

"If you are concerned about a creditor obtaining a judgment against you,
It's advisable that you seek professional help and implement as soon as
possible some type of asset protection strategy such using Land Trusts,
Personal Property Trusts, etc to protect your assets against creditors (see
/Land_Trusts.html). The point is not for
lenders to get a judgment; but to collect on it - that's were the challenge
and the art is. A decision to collect any judgment (regardless of the size)
is really "collectability." If you are an easy target (bank accounts on your
name, easily locatable address, real estate, and cars on your name, etc),
their attorney will come after you. If you are "invisible," they won't be able
to do anything against you.
Some people get a new mailing address in places such as
www.EarthClassMail.com, they also get one Land Trust for every piece of
real estate that they own, and they put each of their cars and bank
accounts in a Personal Property Trust. Some even go to the extend of
getting their wages paid to another entity (becoming a subcontractor and
getting payments to a LLC in Wyoming, etc)."

I hope this helps,

Julio Martinez-Clark

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