Asset Protection Planning
is proactive legal action that protects your assets from threats such as creditors, divorce, lawsuits and judgments. Call now to let our attorneys help you.
Here are some examples of the most common lawsuit causes of action. That is, the common reasons that lawsuits are filed that could result in someone seizing your assets. They underline the need for a proper asset protection strategy.
While we are at it, here are some common terms in the world of asset protection from lawsuits.
Asset: An asset is something of value that an individual or corporation owns. Assets can be any number of things: cash, vehicles, homes, savings accounts, copyrights, bonds, and more.
Asset Protection: This is a set of legal techniques that individuals and corporations use to prevent creditors from taking their assets.
Creditor: Here we are talking about a “judgment creditors.” It is a party to which a debt is owed who has proven the debt in a legal proceeding. A judgment creditor is entitled to use the judicial process to pursue the collection of the debt.
Lawsuit: A lawsuit is a court case that involves a claim or complaint by one person or company against another person or company. A malpractice claim that a misdiagnosed patient files with the courts is an example of a lawsuit.
Liability: A legal liability is an obligation under law stemming from civil actions (torts) or from a contract. Even there is an out of court settlement, ultimately the courts must decide the extent of legal liability.
So, now that you know the most common lawsuit causes of action, what do you do when someone sues you? Here is information on how asset protection from lawsuits works and what you can do to protect what you have worked so hard for. In addition, here is a resource on what assets can be seized by judgment creditors to educate you on the assets that you need to protect.