May 23, 2016
You are struggling to pay your debts, and you are afraid of being sued. You own assets and you don’t want to lose them to creditors. What do you do to shelter your assets from your creditors? Many people assume that they can transfer the assets to a friend or family member, since the creditor can’t take someone else’s property. Or they get more creative, and grant a lien or a mortgage to someone close to them to make it appear that there is no equity for the creditors to pursue. While these may seem like good solutions, and many people see posts online about these methods of protecting assets, these actions can be reversed, and can have terrible consequences.