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Will a corp. protect your assets?


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Hi guys and DocDon,

Seems like since I'm still in SOL, credit life isn't going to get better anytime soon. And another CA is on the way from a repo balance...

The question is I have a Nevada Corp. with a bank account, and I will be getting a large sum of money soon. If I place my assets in the Corp. will it protect my finances from the OC's and CA's? This is my personal Corp. no other's involved.

Guess I could get my lawyer to try and settle the debt, about 28K, but it's all gone to CA's...and to me it's like, what's the point? The only reason I'd pay now is to prevent embarrassment at my new job position of judgements and wage garnishment being the managing partner. That's if the collector's find out where I'm at later this year...

Thanks,

V

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Good question. I wish I could answer it. Only thing I've heard about is Fraud-in-Fact (an intent to hinder creditors), but the way I understood it, it was for assets you already have.

Looks like I get to learn something new...

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Thanks DocDon,

I'll also consultant with my corp. lawyer in Nevada. I can have the check made out to my Corp, so it wouldn't be fraud. But my house profit when I sell will be a different story when putting the funds in the Corp.

Gosh, I hate to settle with these clowns, but it might be worth it, tired of running, being subprime, and all that goes with that. My lawyer will definitely have to have "pay for delete", and less than 50% of the debt.

V

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We've been through this sort of thing so I can sympathize (sp?) with you're plight. From all I've read, the only possible reason to settle with a CA is if it does get deleted from your CRA...and CAs can't do that. It will show up on your credit report, so like you say, what's the point? Your new employer either already has or soon will check your CRA so they'll know.

If you've got a full blown corporation...C Corp, as opposed to an S or LLC...you might have a good out. In our case the C Corp failed, so our lawyer recommended BK 7 to protect us from the Corp's debts. The point he stressed was that corp and personal are separate enitities. We did incorporate a new company the week after we filed, and our new income (what little there is of it...long story) is going in there.

You might talk it over with your lawyer, but you should be able to "invest" whatever profit you make on the sale of your house in your company and thereby protect it. Maybe your corp can "buy" your current house and use it as rental property. You still might have to do a BK (maybe a 13 would work for you).

Its not that I'm advocating cheating someone out of money that you legitmately owe them, its just that a CA doesn't fit in that category, and paid or unpaid having them on your CRA doesn't help you.

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Yeah, DocDon, I'm a credit junky, use to be a finance mgr for the car biz so it was easy to get sucked back in :wink:

But I won't let this situation deter me from moving, maybe just a little obsessed though...helping family with their cr's now.

Thanks for your advice, Willingtocope, yes I do have a C Corp. So that'll work out great, and goodness knows it could use an investment. Nevada is also a "private" state for corps. Hard to get info out of anyone there.

I'm pretty humble about the job thing, it's actually another company I own as an LLC with other partners, no cr will be pulled. But I'm the managing partner, and will be at work everyday at our new location, hence possibly being served.

That's just it, I never intended to cheat anyone out of money, really bad business deal 3 1/2 years ago, then after you go so far down the tubes you got to draw a line in the sand, and go forward.

V

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You're better off going offshore to shield assets because even in NV the corporate shield can be pierced by creditors and owner information subpoenaed. Assets however can be transferred to the control of another individual and bankruptcy later declared. As we all know with regard to investors, if a company is chartered in NV, it's probably a flim-flam outfit!

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You're better off going offshore to shield assets because even in NV the corporate shield can be pierced by creditors and owner information subpoenaed. Assets however can be transferred to the control of another individual and bankruptcy later declared. As we all know with regard to investors, if a company is chartered in NV, it's probably a flim-flam outfit!

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As was stated earlier, corp and personal are separate enitities!

And the Home Shopping Network, Microsoft, Anthony Robins, Madonna,

and many more are incorporated in Nevada, every state has their share of fraud, but in my experience the Isle of Mann and other offshore locations have way more fraudulent investment activity.

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