Jump to content

Trust Question


Recommended Posts

I have been trying to absorb every bit of information on this website and the awesome books I ordered from it. Taking all of this information I have decided to try and wait things out and see what happens before I consider filing Ch. 7, which will be my last resort.I am currently waiting it out with my credit cards in hopes that I might be able to settle with them in the future ( I am currently only about 30 days late). My main concern now is trying to protect my house and business in case I get a judgement against me. If I was able to transfer my property, house and business to an "offshore trust", would this protect me from any judgements that were against me? Has anyone had any experience with setting up a trust or advice to which is the best route to go (good lawyer, best country, etc). Any comments will be appreciated. Thanks in advance for your help. :cool:

Link to comment
Share on other sites

Ya know, I wouldn't mess with that. You will be allowed to keep your house for sure. Your business - I'm not sure how this is regarded in your state, you might want to ask a lawyer for help on this. If it's a C-Corp, it may not be affected.

Glad to hear your are not jumping into bankruptcy.

Link to comment
Share on other sites

Thanks,Admin . Yep I have decided to fight it till the end before I even think about filing BK. In the mean time I am just trying to safeguard myself every which way I can. If a credit card company does get a judgement against me, what assets can they typically get? I've heard they can put a lien against your house and if it is ever sold they can get there money back then, I'm not 100% sure of this and would like to hear what you have to say. Thank you :upsidown:

Link to comment
Share on other sites

Lots of Credit card companies can be bastards when you owe them. Honestly the one which I know could cause you the most problems and wouldnt hesitate to sue you in court for as little as 1500.00 is Discover. The second worst I have come in contact with is Boscovs. My advice, let discover go a bit , as close to 120 days delinquent as possible and the will settle for much less than the balance. Really, since your financial situation is in dire straits, I would let the credit card companies go to as close to 120 as possible. The money you would pay them, bank it. Let is accumulate a bit and then settle for less than the balance owed and you will have cash to pay some of them off. The bad thing is bad credit, but it will save you some money while trying to restructure yor finances. Bad credit can be deleted, but it does take some time and effort on your part.

Link to comment
Share on other sites

Thanks,Matt. I really appreciate all of your helpful advice. Thankfully I closed out my Discover account a few years back, its sounds like they can be very hard to deal with. The credit cards I have now are Chase,Citibank,and Fleet. The only one of these that has tried contacting me via phone (mind you I let the answering machine screen my calls for me)is Fleet, none of the others have bothered yet. All of them have taken the time out of their busy schedules however to charge me late fees and jack my interest rates way up, go figure :p

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.