Author Topic: Making Yourself Judgment Proof  (Read 106683 times)

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bobbingstar

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Re: Making Yourself Judgment Proof
« Reply #60 on: August 02, 2010 08:10:13 PM »
Thank you for the infromation.  I did a little fact checking, and the next of kin is laid out as children, then parents, then grandchildren, and so forth.  I suppose that if the lienholder's children were too young, then it would be executed by the parents of the original lienholder.

whatamess

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Re: Making Yourself Judgment Proof
« Reply #61 on: November 10, 2010 08:15:34 AM »
Easy, in theory...as long as you are not being sued right now ( the transaction would not be likely be declared in fraud of creditors):  Just take out a loan from them, using the car as collateral!  Then, record the lien.  The problem, of course, is that either the loan must be for a short term (and should be used to, let's say, pay off debt), since cars do depreciate.

Hopefully, this isn't dumb or redundant question. I am new here.
So, if my Dad bought a car and had it put in my name and I am paying him back. Do I just need to take the written contract to the courthouse and record it? He is in MT and I am in OR - where should we record it & does it need to be notarized? Should I be worried they might consider it fraud since we are just now recording it?
Thanks for your help!
WhataMess

mrbenz7

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Re: Making Yourself Judgment Proof
« Reply #62 on: December 16, 2010 02:18:51 PM »
How do I go about finding out what and how much personal property is exempt from garnishment in Arizona? I do have more than one car, but my newest is 17 years old with over 170,000 miles on it.

Flyingifr

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Re: Making Yourself Judgment Proof
« Reply #63 on: December 17, 2010 12:27:45 AM »
How do I go about finding out what and how much personal property is exempt from garnishment in Arizona? I do have more than one car, but my newest is 17 years old with over 170,000 miles on it.

Step 1: Do a Google search for "State Bankruptcy Exemptions". This is the state list of what a creditor cannot touch.

Step 2: Read "Scaring Away the Repossessor" in the Flyingifr Method. This will pertain to all assets not covered in the State Exemptions. Simply put, the creditors will not repossess anything whose value is so low it is unlikely to realize from sale enough money to cover the costs of the repossession and sale (repo fee, storage, advertising, auctioneer, etc) and leave something to be applied to the debt. Your cars are prime examples here. Unless they are collector items they sound safe no matter how many you have.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

mrbenz7

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Re: Making Yourself Judgment Proof
« Reply #64 on: December 19, 2010 03:22:05 PM »
Thanks FlyingIFR! I'm hoping to stall a debt collector long enough to do some real research and I'm so glad I found this website! This place has been so helpful that I will make a donation to keep it going when I can.
For now, here's where I'm at...... After being unemployed for more than 2 years and long since run out of unemployment benefits, we are short selling our home. We will live in our camper for as long as we can since my partner has been cut down to 32 hours a week. The collectors coming looking for me after my partner declared a Chapter 7 are trying to collect unsecured loans we took out to finish this house so we could refinance into a fixed rate, until our mortgage Co said no that is!
I'm going to send the collectors a Dispute Validation since the largest loan taken out should have had me as an authorised user instead of a joint applicant. I have no assets to take any longer. We will be out of this home soon and I'm hoping to be unlocateable for awhile.

This will give us time to regroup since I cannot file Chapter 7 for almost 2 years, but I'm actively considering Chapter 13 now hoping to convert to Chapter 7 later. Even though I'm working now, I barely clear more than $250 per week!

Flyingifr

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Re: Making Yourself Judgment Proof
« Reply #65 on: December 20, 2010 12:09:26 AM »
Go back to the Flyingifr Method and re-read "Making Yourself Judgment Proof" because you already are.

1. The partner has no debt because of the BK.
2. You have no attachable income.
3. Neither of you has any attachable assets.

So why would you waste money filing a BK for you at this stage?
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

WinningTheBattle2010

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Re: Making Yourself Judgment Proof
« Reply #66 on: December 20, 2010 01:41:39 AM »
so is a family limited partnership (properties)  exempt from attachments and leins from CA"S etc?.   and there for if you want to file a BK7  wouldnt be affected?

WTB
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I am not a lawyer, any/all information on my answers should be considered my thoughts only, Not Legal Advice.

CleaningUp

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Re: Making Yourself Judgment Proof
« Reply #67 on: December 20, 2010 03:29:01 AM »

Your interest in the family limited partnership is fair game.


Flyingifr

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Re: Making Yourself Judgment Proof
« Reply #68 on: December 20, 2010 08:38:12 AM »
Your interest in the family limited partnership is fair game.

Not if there is a well-worded poison pill in the LLP Operating agreement.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Yescat

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Re: Making Yourself Judgment Proof
« Reply #69 on: December 20, 2010 12:10:07 PM »
THIS POST BANNED ON AoC

Your income is your creditors’ favorite target simply because unlike a car or a bank account wages can be attached time and time again until the debt is finally paid

 if a company YOU happen to own also happens to be garnishing your salary for a large debt owed then the others will just have to wait in line.


Bill Collectors routinely contact banks near where you live or work to find out where you bank. Many larger banks have an “account locator service” that may or may not tell a bill collector if you have an account at that bank.

Strategies to frustrate Car Repossession:
Making the car safe from other creditors means loading the car up with liens.

1) Loading up a car with liens may not work. A lien was put on my car that is worth far less than the loan 38K loan on it. My qustion is, now that that lien is there are they still free to garnish wages, seize accounts, etc. Or did they blow their wad on the car lien? (in Florida)

2) Can you expand on the "Account Locator Service." If some banks offer this to collectors and some don't I would think that's a good question to ask when choosing a bank. A list of bank who are unfriendly to collectors and why would be helpful. I know from personal experience Bank of America bends over backwards for Collection Agents/Lawyers. Their attitude seemed oriented to their legal department over their long time (30 years) customer.

Thanks,

Cat
Many many thanks,

Cat

WinningTheBattle2010

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Re: Making Yourself Judgment Proof
« Reply #70 on: December 20, 2010 04:14:12 PM »
fly'n,  how would a well worded poison pill be worded.   this is for a guy in the widowers group that is having problems and no computer to work with,
I told him about the library computer.   

What if the Kids removed him from the LP because of his being incapable of operating as a General Partner?.

 or the Poison pill Wording in the operaations agreement?.

Thanks again for the replies.

WTB
I DONATE , do you?
I am not a lawyer, any/all information on my answers should be considered my thoughts only, Not Legal Advice.

Flyingifr

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Re: Making Yourself Judgment Proof
« Reply #71 on: December 21, 2010 03:36:24 AM »
1) Loading up a car with liens may not work. A lien was put on my car that is worth far less than the loan 38K loan on it. My qustion is, now that that lien is there are they still free to garnish wages, seize accounts, etc. Or did they blow their wad on the car lien? (in Florida)
Of they have a judgment they can pursue other ways of getting paid.

Quote
2) Can you expand on the "Account Locator Service." If some banks offer this to collectors and some don't I would think that's a good question to ask when choosing a bank. A list of bank who are unfriendly to collectors and why would be helpful. I know from personal experience Bank of America bends over backwards for Collection Agents/Lawyers. Their attitude seemed oriented to their legal department over their long time (30 years) customer.

Thanks,

Cat

Don't be surprised if the branch office people you ask never heard of an Account Locator Service.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Flyingifr

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Re: Making Yourself Judgment Proof
« Reply #72 on: December 21, 2010 03:59:01 AM »
fly'n,  how would a well worded poison pill be worded.   this is for a guy in the widowers group that is having problems and no computer to work with,
I told him about the library computer.   

What if the Kids removed him from the LP because of his being incapable of operating as a General Partner?.

 or the Poison pill Wording in the operaations agreement?.

Thanks again for the replies.

WTB

A well worded Poison Pill would say something like "No change in ownership interest can be allowed except by unanimous consent of all remaining owners".
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Morality of Debt? No one ever went to the Nether Regions for not paying a debt.

Founder of the Credit Terrorist Training Camp (Debtorboards)

WinningTheBattle2010

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Re: Making Yourself Judgment Proof
« Reply #73 on: December 21, 2010 02:19:08 PM »
Thanks Fly'n---  A well worded Poison Pill would say something like "No change in ownership interest can be allowed except by unanimous consent of all remaining owners".

I will tell him and make sure it is in the operating agreement.   the property that he has in it isn't worth much, but he is older and wanted something for the family when he passes. 

Happy Holidays to all on DB.  I have a warm place for the winter and food, so I am ok.

WTB
I DONATE , do you?
I am not a lawyer, any/all information on my answers should be considered my thoughts only, Not Legal Advice.

CleaningUp

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Re: Making Yourself Judgment Proof
« Reply #74 on: December 21, 2010 04:41:49 PM »

While it is easy to do, it just doesn't magically appear by putting in the statement.  The change must be confirmed by the process for agreement changes set forth in the partnership agreement.