SIX WAYS CREDITORS MAY DISCOVER YOUR ASSETS
Matthew C. Mullhofer has been practicing law since 1999, and has owned and operated the Law Office of Matthew C. Mullhofer, PC since 2000. The goal of ProtectMyAssets.com is to provide professional legal services to the clients of ProtectMyAssets.
Matthew C. Mullhofer has been practicing law since 1999, and has owned and operated the Law Office of Matthew C. Mullhofer, PC since 2000. The goal of ProtectMyAssets.com is to provide professional legal services to the clients of Matthew C Mullhofer.
In this article he shares some important concepts about how you can protect your assets.
First of all, don’t rely on secrecy or concealment to prevent creditors from learning about your assets. You can be forced to testify under oath, and if you attempt to deny you will be committing the crime of perjury. You should also remember that with the use of computers and investigations, these days it is not difficult for creditors to locate assets, even those that have been held overseas.
ProtectMyAssets adds that it is important, however, to remember that you are only required to disclose assets if a creditor obtains a judgment against you, when you are sued for punitive damages (and assets are relevant to the award), or when litigation involves the fraudulent conveyance and the assets are relevant to the discovery.
Creditors entitled to discovery of a debtor’s assets have great discretion in their examination and procedures. Spouses can also be forced to disclose their finance to a judgment creditor even if they aren’t involved in the litigation says ProtectMyAssets.com. Additionally, insurance companies may be required to disclose information about your assets to judgment creditors.
For more information or assistance, check the Matthew Mullhofer website ProtectMyAssets.com
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