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our bigest asset is the equity in our home if for any reaso

 

Customer Question

our bigest asset is the equity in our home
if for any reaso we wer sued can a lien be put on
our assetif so how can we avoid this
thanks

 

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Country relating to Question: United States
State (if USA): New York

Already Tried:
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Submitted: 297 days and 2 hours ago.
Category: Legal
Value: $28
Status: CLOSED

Accepted Answer

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Expert:  D. WINOGO ESQ. replied 297 days and 2 hours ago.

If you are sued and the court grants a judgment against you, the judgment-holder can file the judgment with the clerk of the county where you live and the judgment then becomes a lien on your property.

The way to avoid that is to place your house in a trust, so that it is not an asset of yours directly, but rather the trust. This way, even if you are sued, the judgment will be against you personally, not the trust. You can consult with a trusts and estates attorney to see how to set one up.

Expert TypeAttorney
Category: Legal
Pos. Feedback: 93.1 %
Accepts: 4491
Answered: 6/27/2012

Experience: 10+years of experience in all matters of civil litigation and Hearing Officer/Arbitrator

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