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Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax ...
An asset protection trust protects your assets from creditors and lawsuits. These are typically irrevocable trusts, meaning once they’re established, you’ll no longer have control of the ...
Asset-protection trust: The concept of an asset-protection trust encompasses any form of trust that provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts may be proscribed or limited in their effect by ...
In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the
Revocable trusts, otherwise known as "living trusts," do not protect your assets from creditors. In fact, they are subject to collections actions and lawsuits, and they are included when third ...
Protection of assets: In Chapter 13 bankruptcy, individuals can keep their property while creating a manageable repayment plan. Some states also allow exemptions in Chapter 7, protecting specific ...
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral [1]) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. [2]
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