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Transferring your house to a Limited Liability Company (LLC) can provide some protection from personal creditors, but it does not make the property entirely judgment-proof. While the LLC can shield personal assets from business liabilities, creditors may still pursue the LLC's assets, including the house, if they win a judgment against the LLC. Additionally, transferring property to an LLC may trigger tax consequences and affect mortgage agreements, so it's essential to consult with a legal or financial advisor before making such a decision.
What else can I help you with?
Are you judgment proof if disabled in CA?
In California, being disabled does not automatically make you judgment proof. Judgment proof generally refers to a situation where a debtor has no assets or income that can be seized to satisfy a court judgment. While certain benefits and income from disability may be protected from creditors, it ultimately depends on your specific financial situation. If you have no income or assets that creditors can pursue, you may be considered judgment proof, but this status can vary based on individual circumstances.
How can you make your house earthquake proof?
you can't
How do you repossess a house that was sold by owner financing?
You can go to court and get a judgment, then proceed with repossessing the house. Make sure you document everything that has occurred.
Is a low income family judgment proof that receives food stamps and medical assistance for their three children?
First of all, I should make one thing clear: being "judgment-proof" is not a legal defense to liability.You can't go into court and say "I'm judgment-proof, therefore the lawsuit should be dismissed." Whether or not you can actually satisfy a judgment has no bearing on your liability, and the court's ability to impose the judgment. And if you are found liable, that judgment can follow you around for the rest of your life, or until you pay it, creating problems at every turn.The term "judgment-proof" simply refers to a practical consideration faced by all plaintiffs: given the financial situation of the defendant, how easy or difficult will it be to actually collect the judgment? A plaintiff might decide that, even if they win, the defendant has so few assets that collecting the judgment could take more time or effort than it's worth.If you're employed, and lose this lawsuit, the plaintiff may be able to garnish a percentage of your wages until the judgment is satisfied. There are many other procedures through which a judgment can be enforced, as well.
What are the disadvantages of verbal contracts?
Lack of proof that would make them enforceable.Lack of proof that would make them enforceable.Lack of proof that would make them enforceable.Lack of proof that would make them enforceable.
Do I have any rights against a company I did what they asked me to make good on my acct have proof they got the payment amount they asked for but came to my house today and repossessed my shed anyway?
yes you do if you have proof but you would have to have a lawyer
What can you do to help prevent damage or death by tsunami?
run away fast haha no!make sure you have a first aid kit, a safety kit and make sure you are healthy because if your not healthy,you have a better chance of dying.prevent house damage by having bullet proof windows or buy some bullet proof glass,and have a brick house that is really strong.
How do you make a sound judgment?
A person can make a sound judgment by not being biased and examining both sides of the issue.
How do you know where your restitution goes after you won your lawsuits?
If you prevailed in your lawsuit you should inquire at the court or your attorney's office to determine how and when you will be paid. You should be able to request a judgment lienthat can be recorded in the land records until the judgment is paid. Once that lien is recorded the debtor cannot sell or mortgage their real property until the judgment is paid. Also, statutory interest accrues from the time the original judgment was issued. The longer the judgment remains unpaid the greater the amount due.If you were the party ordered to pay you must check with your attorney or with the court so a payment schedule can be arranged. You will want to determine how you will be provided with proof the restitution was made and you need to keep a hard copy of that proof in a safe place. If a judgment lien was recorded you must make certain a proper release is recorded in the land records.
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
How do you pay a judgment?
A certified check and make sure you get a receipt! In indentifying to whom the judgment should be paid, the judgment debtor should refer to the final judgment notification.
What happens if someone sues you and you do not have any money or assets?
The defendant(s) would be considered to be "judgment proof" (legal term execution proof). This means the person has not property that can be seized nor wages or bank account(s) that can be garnished by creditors for repayment of the debt. It is not uncommon for a lawsuit defendant to be "judgment proof", the creditor can still record the judgment in hopes that the debtor will not always remain in his present economic status.
