Judgment Proofing: What Does it Mean for You?

Judgment Proofing: What Does it Mean for You?

In today’s seemingly sue-happy society, one has to plan for asset protection. You work hard to save money, plan for retirement, and buy stocks, bonds, CDs, real estate, and vehicles. After all, isn’t having financial security considered part of the American dream?

It can be scary to think that a resentful neighbor, or an unceasing creditor, can try to take the things they didn’t work for by bringing a lawsuit against you. Having knowledge about your options is a good way to prepare for future uncertainties.

On the flip-side of that coin, what if you haven’t had the opportunity to acquire many, if any, assets, yet you find yourself in the middle of the same kind of lawsuit? That can be its own kind of scary. Not only can you already not pay what is owed on your debt, but you could be looking at possible wage garnishment or a lean against your home. This can make obtaining a retirement or savings account seem like an impossibility.

One option you may look into is bankruptcy, especially if your situation is based around a creditor. However, this option is not always doable, depending on your situation.

Another option worth investigating is being judgment proof. To be judgement proof means that you lack the money or assets needed to satisfy the judgement against you. If you already lack assets, you may find yourself falling into this camp.

But, how do you marry being judgment proof with still having your assets and savings? Contact us today and we will be happy to discuss the details of this option with you. Like our About Us page states, it is our goal to “show you how to take full advantage of laws and remedies already in place in order to implement strategies against those who attempt to do you harm.”