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 Dwayne B. Your Own Question
Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 32154
Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
Type Your Business Law Question Here...
Dwayne B. is online now
A new question is answered every 9 seconds

I dont own property and am looking for a easy way to protect

Customer Question

I dont own property and am looking for a easy way to protect my assets (Car and SAvings) from creditors . What is the easiest way to have asset protection for someone who does not own property or a business ?
Submitted: 5 years ago.
Category: Business Law
Expert:  Dwayne B. replied 5 years ago.
Who are you trying to protect them from?
Customer: replied 5 years ago.
I had a heloc from a foreclosure that is now unsecured debt . I am worried they will sue and take my car/ savings.
Expert:  Dwayne B. replied 5 years ago.
In your case the best way to protect it is likely some sort of trust. There are about a zillion different ones to choose from depending on a lot of different facts. You should contact a trusts lawyer and arrange an interview. My guess is that it will be what is known as a spendthrift trust, but even then there are several different ways to organize this to take advantage of protections from creditors and tax implications.

Thank you for allowing me to assist you. I believe I have answered all of the questions you asked so I would request that you please click the ACCEPT button so I receive credit for my work and leave feedback if you have a chance. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. Please remember that we can only base our answers on the information you provide and sometimes a misunderstanding as to what you are looking for or already know occurs so feel free to ask additional questions. Please be aware that my answer is not legal advice, it is merely information. You should always contact a local attorney for legal advice.

Several customers have asked how they direct a question to me in particular. If you specifically want me to provide information for you just put “FOR JD 1992” in the subject line and I will pick up the next time I am online.

Related Business Law Questions