How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask TJ, Esq. Your Own Question

TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience:  JD, MBA
9373668
Type Your Bankruptcy Law Question Here...
TJ, Esq. is online now
A new question is answered every 9 seconds

I have a 300,000 judgment lien on my primary home. loan balance

Customer Question

I have a 300,000 judgment lien on my primary home. loan balance is 1.1mill and the current market value is 1.5mill if sold at normal housing market. can you advice what to do to resolve the 300,000 judgment lien issue?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 1 year ago.
Hello and thank you for allowing me the opportunity to assist you.

Can you clarify what you mean when you say "resolve the 300,000 judgment lien issue"? Obviously, it would be great if I could give you some sort of tricky way to get rid of the lien, but that just isn't possible. So, can you clarify what you're asking?

Thank you.
Customer: replied 1 year ago.


I just need some good advise how to handle this issue. I want to negotiate with the creditor to lower the debt but it might be hard because they put a lien on my primary home. I can't pay the full amount in this bad economy and also have to support my family. Any advise?

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

You're in a tough spot because the debt appears to be completely secured by the equity. Accordingly, you don't have a lot of leverage to force the creditor to take less than the full amount. Unfortunately bankruptcy is not a realistic option since you'd be giving the trustee the equity that you cannot exempt (which is most of it), so you'd still be throwing a lot of money away.

The only leverage I can see is that the creditor likely doesn't want to foreclose in order to be paid (that would cost a lot in attorney's fees), and that means waiting until you eventually sell the house (which could be decades from now, if ever).

The creditor would likely take less than payment in full if you could give it either a lump sum, or if you could make decent sized monthly payments. It's possible that you could get the creditor down by $100k. If I were a creditor, I'd rather than $200k now than $300k in a couple of decades. As for a lump sum, you may want to consider refinancing to get at some of the equity to pay off the debt.

Is that the type of information you were looking for? Let me know. Thank you.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you for your answer. Very helpful advice. I heard that there is 10% interest fee for the judgment debt. Would this be a factor that creditor might not want to negotiate to lower the debt. Because as they wait, they can get paid a lot more?

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

I don't find that creditors like to wait and allow their judgments to grow. The interest is nice, of course, but only if it means they'll get paid. A large debt on paper is not as good as cash in hand. For all they know, the house will burn down next year and they won't have any more security for the debt. So, I think they'll negotiate.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you,


In the worst case scenario, if I can't afford the mortgage payments, I was recommended to stay as long as possible at the home and let it foreclose. Currently I'm staying at home and be able to afford payments because of lone modification which lower the interest rate down to 2%. But it will go back up to normal rate in couple of years and will be hard to pay the high payments. If I tell them I'm not planning to keep the home and let it foreclose, will it help to negotiate? If it foreclose, the lien will get removed and the debt is not secured anymore I heard. I just want to negotiate to lower the debt to make if affordable and finish this stressful case. If they think the debt is very secured, they won't lower the debt much in my opinion. Please advise.

Expert:  TJ, Esq. replied 1 year ago.
Hello.

It would obviously be bad for them if the house were foreclosed upon by the mortgage lender because the judgment lien would be wiped out. This assume, of course, that the house were to sell at auction for less than the cost of the first mortgage (which is quite possible since houses don't sell for market value at auction).

On the other hand, the creditor is likely used to threats like that, or bankruptcy, etc. Most debtors make claims like that at one time or another, and while some are real, not all are. In your case, it looks like you have about $400k in equity. If you could truly sell the house for $1.5 million, why would you ever let it foreclose? If you let it foreclose, then you'd lose all of the equity. If you were to sell the house instead for $1.5 million, then the worst case scenario is that you'd walk away with $100k ($1.1 million to the mortgage lender, $300k to the judgment creditor, and the rest to you). The creditor would certainly do that same analysis themselves, and they may think that your threat is hollow since there's no way you'd throw away $100k.

So, it's possible that the creditor will consider the threat, but I think that it's not a particularly strong threat.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

The judgment debt is a default judgment with fraud charge. It happened because I didn't not fight the case because my local bankruptcy attorney told me not to. I regret it because at least I can avoid the fraud charge which wasn't hard to do I heard. Is it possible to fight the case again? I never received the court paper directly for the case.

Expert:  TJ, Esq. replied 1 year ago.
Hello.

How long ago was the judgment?

And when you say that you never received the court paper, do you mean that you were never properly served with a summons?
Customer: replied 1 year ago.


early 2011. No, they tried to deliver to me directly but they were never able to directly deliver to me.

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Did they leave the summons with somebody at your house or work? They do not have to hand you the summons personally.
Customer: replied 1 year ago.



Can a lien judgment creditor take my furnitures to collect debt? furnitures are pretty high valued ones.


 


Optional Information:
Country relating to Question: United States
State (if USA): California




Expert:  TJ, Esq. replied 1 year ago.
Hello.

Yes, unfortunately, it's possible for a judgment creditor to sell your furniture and other valuable personal property to repay the debt. California allows you to exempt a few thousand dollars worth of personal property, but you would not be able to protect extremely valuable items that can be sold to help repay the judgment. To be honest, however, most creditors don't bother with personal property because in most cases used items don't bring in enough proceeds to justify the time and expense. On the other hand, if you had some truly valuable pieces worth thousands of dollars, then the creditor may opt to go after them (assuming they even find out about them).
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Can I say I'm leasing them from parents just in case they tried to take them. There is no exemption to keep furniture at primary home?

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Yes, there is an exemption for furniture, but not if the furniture is valued too high. Unfortunately, the law doesn't give an exact amount. Here is the law:

704.020. (a) Household furnishings, appliances, provisions, wearing
apparel, and other personal effects are exempt in the following
cases
:
(1) If ordinarily and reasonably necessary to, and personally used
or procured for use by, the judgment debtor and members of the
judgment debtor's family at the judgment debtor's principal place of
residence
.
(2) Where the judgment debtor and the judgment debtor's spouse
live separate and apart, if ordinarily and reasonably necessary to,
and personally used or procured for use by, the spouse and members of
the spouse's family at the spouse's principal place of residence.
(b) In determining whether an item of property is "ordinarily and
reasonably necessary" under subdivision (a), the court shall take
into account both of the following:
(1) The extent to which the particular type of item is ordinarily
found in a household.
(2) Whether the particular item has extraordinary value as
compared to the value of items of the same type found in other
households
.
(c) If an item of property for which an exemption is claimed
pursuant to this section is an item of the type ordinarily found in a
household but is determined not to be exempt because the item has
extraordinary value
as compared to the value of items of the same
type found in other households, the proceeds obtained at an execution
sale of the item are exempt in the amount determined by the court to
be a reasonable amount sufficient to purchase a replacement of
ordinary value if the court determines that a replacement is
reasonably necessary. Proceeds exempt under this subdivision are
exempt for a period of 90 days after the proceeds are actually
received by the judgment debtor.


As you can see, regularly priced items are exempt. High priced items can be sold (though you are allowed to use some of the proceeds to purchase regularly priced items). A court would need to make a determination regarding whether an item should be sold or not.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

I sometimes stay at my parents house. If I say only my wife and a son stay at my home but I stay at my parents house, our furnitures are safe? It says"(2)Where the judgment debtor and the judgment debtor's spouse
live separate and apart, if ordinarily and reasonably necessary to,
and personally used or procured for use by, the spouse and members of
the spouse's family at the spouse's principal place of residence."

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Yes, the furniture would be safe if you and your spouse lived apart, and the furniture was necessary for the family.

I forgot the address something you asked earlier. You asked: "Can I say I'm leasing them from parents just in case they tried to take them."

I would not advise lying, particularly if you are placed under oath in a debtor's exam. You could be prosecuted for perjury. Also, if you were to make a claim that you were leasing the furniture, then you would surely be asked to produce paperwork, including lease documents (if any) and proof of payment.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you again for your good advices.


Sorry, I missed your question earlier-"Did they leave the summons with somebody at your house or work? They do not have to hand you the summons personally." the answer is no, they never hand me the summons personally.


 


If you are prosecuted for perjury, what happens? jail time or fine?


 

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

You wrote: "Sorry, I missed your question earlier-"Did they leave the summons with somebody at your house or work? They do not have to hand you the summons personally." the answer is no, they never hand me the summons personally."
My response: But I was asking if the summons was left at your house or at work. You do not have to be served personally in order for service to be effective. Substitute service works as well, which means they left the summons with somebody to give to you.

Q: If you are prosecuted for perjury, what happens? jail time or fine?
A: Perjury is a felony, and you could theoretically be sentenced for up to 4 years in prison if convicted. It's a serious offense.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

let's say there is no equity on my home. Do you think it's possible to discharge the lien judgment debt(default fraud judgment) which is the $300,000 through bankruptcy?

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Yes. If there is no equity, then the judgment lien is avoidable. If you were to file for bankruptcy, you certainly do not want to be generous when estimating the value of the house. I'd probably look at Zillow and Trulia, and use the lesser value of the two. But if your property is in disrepair, then those websites may not be very accurate. In that situation, it may be worth hiring an appraiser for $200 to visit the property and give a more accurate estimate of the value.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.
You can discharge the judgment debt even with the fraud charge?
Expert:  TJ, Esq. replied 1 year ago.
Hi again.

First and foremost, you must distinguish the lien from the judgment. The lien can be avoided. That's what I was referring to above.

The debt itself may not be dischargeable because of the fraud, but that's not necessarily true. The judgment was by default, rather than after a trial. That means the fraud was never proved in court. I think the debt would be discharged unless the creditor were to file an adversary proceeding and prove fraud in the bankruptcy court. In other words, there would need to be a merit trial in the bankruptcy court. The default judgment should not be enough by itself for the debt to be nondischargeable.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.
I heard that If I try to include the debt(default judgment with fraud charge) the creditor will most likely open a adversary hearing. Would it be hard to prove that it wasn't a fraud through adversary hearing?
Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Yes, they can file an adversary proceeding and try to prove fraud. Proving fraud in the adversary proceeding would be the same as proving it in the state court. It would be no harder and no easier. The likelihood of the creditor winning depends on the evidence.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

I heard that once a judgment is made, it's hard to change the judgment's result. But in this case, the judgment was a default judgment, so it won't affect if I have to prove it wasn't fraud in the adversary proceeding?

Expert:  TJ, Esq. replied 1 year ago.
Hello.

Yes, since it was a default judgment, the plaintiff would still need to prove fraud. It would not be enough for him to just rely on the judgment.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

How much equity is needed for a bankruptcy judge to decide if my home should be sold or not? How do judges estimate our home value? Do they use the site like Zillow.com or?

Expert:  TJ, Esq. replied 1 year ago.

Hi again.

Theoretically, there only needs to be 1 dollar of equity available. Realistically, the house would not be sold unless there are several thousand dollars available even after expenses.

A judge wouldn't even get involved unless there is a dispute. The value of the house could be determined by a Zillow.com estimate. For example, if you list the house as the value found on Zillow.com, then it's quite possible that neither the trustee or any creditors would argue. But if there is a dispute, then the disputing party (whether it's the trustee or a creditor) will likely have a professional appraisal. If you dispute the appraisal, then there would need to be an evidentiary hearing and a judge would make a determination based upon the evidence presented (e.g., the expert testimony of the appraisers). At such a hearing, the Zillow.com estimate would be useless. You'd need the testimony of an expert appraiser to counter the other party's expert appraiser.

TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

How do I find good bancruptcy atterney in Los Angeles area? I'm having hard time finding a good banckruptcy atterney

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

In what way are you having trouble? Have you consulted with a few and haven't liked what they had to say? Or are you having trouble even finding a lawyer to consult with in the first place?
Customer: replied 1 year ago.

Lets say there is mortgage loan balance 1.1mill and the judgment lien amount 300,000 on my home. If the appraiser value of my home is 1.4mill, will my home get sold through chapter 7 BK?

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

In the scenario that you mention, there is no equity for the trustee to go after. Accordingly, the trustee would not attempt to sell the house.

However, if one of the lienholders is not being paid, then that lienholder could file a motion to lift the automatic stay for the purpose of selling the house. The sale would not be conducted as part of the bankruptcy. It would be conducted the same way it would have been if there were no bankrutpcy.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Does that mean, the lienholder can sell my primary home not even through BK? I was told that my primary home is protected which means they can put lien but can't kick me out or sell.

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

Unfortunately, you've been given misinformation. A lienholder can foreclose if he's not being paid. This, of course, assumes that the lien remains attached to the property. For example, if you stop paying your mortgage, then the bankruptcy will not stop the lender from foreclosing. The bankruptcy merely creates a new hoop to jump through, which is that the lender needs to get permission from the court first. But the court will almost certainly grant permission.

Again, however, the above assumes that the lien remains attached. If you manage to avoid the judgment lien, then that lienholder would not be able to foreclose. On the other hand, if you were to avoid the judgment lienholder, then that could create enough equity in the house for the trustee to go after. So, in your example, avoiding the judgment lienholder is a double-edged sword.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

This article below saying a judgment debt is only renewable for 30years. I thought a judgment debt is renewable every 10years infinitly. Please let me know what's correct. Here is the article- "In California real estate liens remain in effect for five years unless the collection agency requests a continuation of the lien within the six-month period preceding the date the lien expires. Should the lien expire without the collection agency requesting a continuation, it may use its judgment to request a new Abstract of Judgment from the court and file a new property lien. California judgments remain enforceable for 10 years and are renewable for a total of 30 years. If the judgment itself has expired, the collection agency may not renew or file a lien against your home."

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

I don't see anything in the law that says that there is a 30 years limit on judgments, so I don't believe that website is correct. You can read the renewal statutes here: CLICK HERE.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Is it possible to design the bankruptcy to pay IRS back tax debt first before lien judgment debt if trustee sell my primary home? Assuming IRS back tax debt has no lien on my home but the judgment debt has lien on my home.

Expert:  TJ, Esq. replied 1 year ago.
Hello again. I apologize for taking so long to reply. I have been offline for the last couple of days.

If the home is sold, then the proceeds will be paid in the order of lien priority. Your mortgage would likely be paid first. If the IRS has a lien on your home, and if that lien was recorded before the judgment was recorded, then the IRS would be paid next. If the IRS has no lien, however, then the judgment would be paid before the IRS.

Please let me know if you need clarification.

Thank you.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

I have some certificate of tax lien letters and notice of state tax lien letters but when I check public records, I don't see any lien on my home. does that mean, these liens are on my business or business proporties only? Or these government liens don't show on public records?

Customer: replied 1 year ago.

If there is high equtiy so trustee sold my home in bankcrupty and there is some money to be paid to creditors. Who will get paid first between the IRS lien debt(lien on business only) VS Judgment lien debt(lien on my home that got sold)?

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

Q: I have some certificate of tax lien letters and notice of state tax lien letters but when I check public records, I don't see any lien on my home. does that mean, these liens are on my business or business proporties only? Or these government liens don't show on public records?
A: I can't say for sure since I haven't seen the notices or checked the records myself. But I will say that property tax debt is automatically a lien, which means a document does not need to be filed in the land records in order for it to be valid. Anybody conducting a title search would check the land records, but also the tax office to see if there are unpaid taxes.

Q: If there is high equtiy so trustee sold my home in bankcrupty and there is some money to be paid to creditors. Who will get paid first between the IRS lien debt(lien on business only) VS Judgment lien debt(lien on my home that got sold)?
A: In your scenario, the judgment lien would be paid before the IRS because the judgment creditor has a lien on your home, and so it would be entitled to proceeds from the sale of the home before any proceeds go to creditors, such as the IRS, who do not have liens on the home.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

I've been trying for lone modification for a while to protect my home. This is my 2nd time submitted the lone modification application. Each time it get denied, I had to file bankruptcy to stop the foreclose then submit new lone mod application and then let the bankruptcy get canceled. I'm planning to repeat this until I get my lone modification get approved. Can the mortgage company stop me from repeating this? I have a family to support and I'm afraid my home might get foreclosed.

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

Unfortunately, it is possible that you could be prevented from repeating that pattern too many times. In cases like that, it is not uncommon for the debtor to be labeled a "serial filer," and for a creditor to request that the court dismiss the bankruptcy, and for the court to even issue an order that prohibits the debtor from filing another bankruptcy for a certain period of time.

However, you should also note that the creditor can also file a Motion to Lift the Automatic Stay. In most cases, such motions are granted. If that happens, then the creditor can proceed with the foreclosure even if the bankruptcy has not yet been dismissed. In other words, the automatic stay which is put in place when you file bankruptcy is "lifted" for just that particular creditor in order to foreclose. Such orders are very common, and are almost always granted if the mortgage isn't being paid. If that has not happened in your case yet, then I would consider yourself to be fairly lucky.

I wish that I had better news about that.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

How many is too many times? Is there a certain limit to repeat that?

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

No, there is no specific number of times listed in the Bankruptcy Code. Theoretically, a person can file as many bankruptcies as he wants.

But, the issue is that a bankruptcy must always be filed in good faith. If a person repeatedly files bankruptcy to stop a foreclosure, and then allows the bankruptcy to get dismissed without attempting to get a discharge, then that pattern indicates that the bankruptcies were filed in bad faith since the goal is not to get a discharge, but instead the goal is to merely make things difficult for a creditor to take his rightful legal action of foreclosing. That is considered bankruptcy abuse.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Can I save my house even after the foreclosure sale?

Expert:  TJ, Esq. replied 1 year ago.
Yes, CA law does allow a redemption period of one year after the sale (unless the mortgage was fully paid from the sale, in which case the redemption period is 3 months).

To redeem, you'd have to pay off the mortgage. This would be possible if you were able to get a new loan, for example.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

So I have one year to buy back the home and also one year to stay? Also what do you mean by mortgage was fully paid from the sale? doesn't it have to get paid fully to be sold at auction?

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

You have one year to buy back the home, but unfortunately you would have no legal right to stay in the home during that time.

What I mean by the mortgage being fully paid by the sale is that the sale price is enough to pay off the mortgage. For example, you owe about $1.1 million on your mortgage. Let's say that there is a foreclosure sale and the house only sells for $900k. In that case, then your mortgage was not fully paid by the sale. On the other hand, if the house were to sell for $1.2 million at the foreclosure sale, then the mortgage would be fully paid off.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

There is a high amount judgment lien on my home. We are about to settle the debt as 5 year payment plan. Can I remove the lien once I start making payments or do I have to wait 5years to finish making payments to remove the lien on my home?

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

I'm sorry to say that the lien would not be removed until the judgment lienholder files a release indicating that the judgment is paid in full. So, based on what you wrote, you'd have to wait the 5 years. I wish I had better news.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9926
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

I want to inherit properties safely to my son in the future. If I place my future properties into trust, will they protected from legal issues like judgments debts against me? How strong is trust law?

Expert:  TJ, Esq. replied 1 year ago.
Hello again.

In general, it is possible to create a trust whereby a person's assets are safe from creditors. However, one issue in your specific case is that you already have a judgment against you. Accordingly, if you were to transfer your assets into a trust, then the judgment creditor could argue in court that it was a fraudulent conveyance. A fraudulent conveyance occurs when a person transfers his property to another person/entity for the purpose of preventing the assets from being used to pay certain debts. In such a case, the court may reverse the transfer.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.
 
 
 

Related Bankruptcy Law Questions

Chat Now With A Bankruptcy Lawyer
TJ, Esq.
TJ, Esq.
Bankruptcy Lawyer
9926 Satisfied Customers
JD, MBA