The best way to keep yourself and your credit score where it needs to be is through honesty. Yes, this can sometimes be hard to do when you seem to be losing money left and right in today’s world. The best advice we at Giordano Spanier & Heckele Law can give you is to keep your financials simple, and always have your credit records on hand. Hiding potentially debilitating facets of your credit history from creditors will hurt you in the long run.
You might be asking, how do I protect my assets if I still owe debts to creditors? This is where early planning comes in handy. By definition asset protection is just that, it is a technique debtors utilize to protect important assets from creditors who have the ability to repossess those assets. The trick to this tactic is to protect your assets without concealing expenses or evading taxes.
Assets that can be protected from creditors are home equity, retirement plans or interests in business ventures such as LLC’s. You might be facing the decision to file bankruptcy or you might want to consider asset protection. We are here to help you make the right decision for your future financial objectives.
If you want to pursue asset protection understand these stipulations:
• The nature of the claim will be analyzed by the court and whether or not the claim is a derivative of a lawsuit or former claim
• Creditor identity and the level of aggression a tax or government agency is pursuing the supposed property
• Your identity and whether or not I is an individual or business entity, are you married, do you have children, and other personal questions to discern your reasoning for seeking asset protection
• The type and amount of assets in which you are seeking protection and whether or not a creditor is able to repossess such property
At Giordano Spanier & Heckele Law we will present you with potential strategies to protect your assets and give you a better chance at keeping your property in your possession. We want to ensure you have the best chance at keeping what is rightfully yours.