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Advice on becoming judgement proof

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I am wondering if someone can help me with assuring that we would not be worth suing and or (judgement proof) if suit was rendered. This is where we stand

1) my husband is self employed

2) my son receives ssi. which I am payee --direct deposit to checking(never much in it anyway)

3)my home loan is only around 3500.00$ less than when we got the loan.(not planning on going anywhere)

4) no savings no stocks or bonds

5) we do have 3 vehicles all paid for but 2 are junk and the other is our main work car (2002)

6) no toys (ie) boats four wheelers etc..

we owe around 15000.00 to same creditor 2 seperate accounts still with oc but with ca attorney. I am trying to force settlement but need more time...

What is your advice? anything I should have concern for? any advice is appreciated---- thanks in advance

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There are 1 or 2 things you have to do:

1. Your husband's business bank account will need to be separate from him ( he needs a corporation & EIN).

2. The house needs to be titled into something else (trust or another corp).

3. The account with the SSI deposits needs to only have the SSI go in there. Keep in mind that the bank may freeze it until you prove it's SSI money going in. Better yet, set the account up with his SSN and you are the authorized signer.

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As a sole proprietor, aka self-employed, you can go on the IRS website and request an EIN (employer ID no.). In my state, Va., you can also set up an LLC (limited liability company) for a nominal fee and very easy to do. You can then request an EIN no. from the IRS for the LLC. You can then take your EIN and/or your LLC docs to the bank and open an acct for the business. It is important that you use that acct only for the business deposits and w/drawals, including paying yourselves. You should get an EIN no. and a business bank acct before you have any judgements filed against you. Of course you should always do everything you can to avoid the judgement in the first place.

Placing your home in a "family trust" is a little more tricky and you should seek legal help from a trust/asset protection atty.

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