Archive for the ‘asset protection’ Category
Monday, July 11th, 2011
The most established method of defending your bank account from a levy (bank account garnishment) is to add an additional signer to the account. However you should know that in a number of states it requires two additional signers, and that you modify the signature card so that neither party has exclusive rights to withdraw the funds. So for example: Instead of Bob or Nancy, the signature card would require Bob and Nancy.
The legal base that prohibits third parties or creditors from impressing a levy against a bank account explains that when the party levied against does not have sole rights to withdraw the money, the creditor cannot put in force a levy against the bank account because of the opposing interests of extra signers.
In the United States Supreme Court decision of U.S. v. National Bank of Commerce, 86 L.Ed.2d 565 (U.S.Ark. 06/26/1985); 105 S.Ct. 2919; U.S.Ark.,1985; 86 L.Ed.2d 565, 53 USLW 4856, 56 A.F.T.R.2d 85- 5210, 85-2 USTC P 9482), dated June 26, 1985, the following was determined:
Supreme Court of the United States UNITED STATES, Petitioner
v.
NATIONAL BANK OF COMMERCE.
No. 84-498.
Argued April 15, 1985.
Decided June 26, 1985.
Government filed notice of levy upon accounts of taxpayer with bank. On cross motions for summary judgment, the United States District Court for the Eastern District of Arkansas, Granett Thomas Eisele, Chief Judge, 554 F.Supp. 110, entered summary judgment for the bank. Government appealed. The Court of Appeals for the Eighth Circuit, 726 F.2d 1292, affirmed. Certiorari was granted. The Supreme Court, Justice Blackmun, held that the IRS had a right to levy on the joint accounts of the taxpayer where the delinquent taxpayer had an absolute right under state law to withdraw from the joint accounts, without notice to his co depositors, and the bank, in its turn, was obligated with respect to the taxpayer’s right to that property, since state law required it to honor any withdrawal request he might make.
The issue presented is whether the Internal Revenue Service (IRS) may lawfully seize a joint bank account for payment of a single code depositor’s delinquent taxes when it does not know how much, if any, of the account belongs to the delinquent.
Tags: Avoid Bank Account Garnishment, Bank Account Lien, creditor froze my account, Frozen Bank Account by creditor, garnishment of bank account, Protect Bank Account, Stop Bank Account Freeze, Stop Bank Account garnishment, Stop Bank Account Levy, Stop Garnishment, Stop Third Party Creditors
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Tuesday, June 7th, 2011
You probably already know that we live in a litigious culture, but do you know what that means?
• Ninety percent of lawsuits in the world are filed in United States courts.
• Every thirty seconds a new lawsuit is filed.
• If you practice a profession or own your own business you have a 33% chance for every lawsuit being filed over the next year that you will be named as a defendant. And you can expect this to only get worse. There are close to 700,000 professional lawyers practicing in the U.S. and over 100,000 students in law school right now. That equals one attorney for every 400 women, men and children!
• Contingency Fee lawyers search for effortless targets.
Many of these unexpected events could leave you with a lawsuit resulting in heaps of debt.
• A injury claim or negligent matter, whether it is justified or not, that is beyond any insurance coverage you may have or where insurance does not cover the legal responsibility
• Breach of contract through no mistake or default of your own
• A professional malpractice lawsuit
• Lawsuits from infuriated disgruntled employees or business partners
• Devastating Divorce
• Enormous penalties and fines for violating state or federal law because of the dealings of an employee
• Claims from creditors from a business failure
• Huge unexpected catastrophic hospital bills
• Seizure of your house or other personal property without due process by the U.S. Customs or other government agencies with forfeiture authority
• A huge tax bill and escalating penalties following an IRS audit
• Depreciating home values
There are many more reasons that could be added to the above list. However, the point is many people will end up in debt from an unexpected lawsuit.
Tags: Asset Guard, asset protection from lawsuit, attorneys, bankruptcy lawyer, credit card lawsuit, Creditor lawsuit, debt, debt attorney, sued by creditor, sued credit card
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Monday, April 18th, 2011
The final debt relief option we will evaluate when taking into consideration the true Cost to get out of debt is asset protection and debt resolution which is what we provide at Plan B Consultants. There are variables that establish the actual cost of this option but we will use the following assumptions: You are current on all payments to your credit card debt; You have some credit available to utilize on your cards; You have some small money available for making monthly payments; and You live in a state where wages or paychecks can be garnished by creditors.
Using the previous example of $40,000 of unsecured credit card debt from our earlier examples, we can conclude that this is by far the lowest cost option, and the quickest way to get out of debt. It will also have the least long-term impact on your credit scores. At the $40,000 debt level, the total cost to get out of debt, including the fee for the program, for a couple is less than 40 cents on the dollar. And the best part is, the entire program can be completed in around 18 months – which is by far faster than any other option available. Because of the leverage this type of program provides, you can expect to negotiate the debt on your terms not the creditors and pay off your debts for around 20 cents on the dollar and the balance will be in program fees.
Our Asset Protection and Debt Resolution option will allow you to hold your creditors at bay while you accumulate enough funds to pay your creditors off at a substantial discount. You should expect to spend a total of around $15,000 to become debt free using this process – a tiny proportion of the cost of any other option we have previously discussed in these blogs.
Tags: debt resolution, plan b consultants
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Tuesday, March 1st, 2011
Find ways to get your hands on good debt so that you can acquire assets faster. Most of us would be in agreement that we have or will have only so many years to live on this earth, so the earlier you able start on building your income and net worth, the more time you will have to take pleasure in your wealth and money. Well okay, so you’re maybe having thoughts that I’m crazy and what I’m talking about contradicts it, because in one moment I am stating to stop thinking about debts but in another moment I am saying to go out and acquire more debt. OK, wait, not so fast, your individual personally guaranteed debt was in all probability a surprise to you and it’s going to be your most horrible enemy and keep you awake at night unless you modify your manner of thinking.
There is a gigantic distinction between what I am saying and from debt acquired from consumer activity. Consumers are always surprised by how much they owe on their personal debt, it just slowly creeps up on them, but the wealthy or rich affluent people plan several ways to maintain a financial system to acquire more and more debt so they can buy more and more assets, invest and produce additional new investment opportunities for others and themselves. You can continue to gain more debt to finance the purchase of more investments, or you can sell a stock share of the company behind the investments and use that generated money as financial control to increase the net worth of the company. I am not just talking about conventional, brand named bank lending; I’m talking about selling stock shares in your own controlled privately held company. This is known as a private placement or private equity ownership opportunity. There are so many ways to attain debt; in fact there are more ways to get the same benefits as acquiring debt without ever acquiring debt. Joint ventures are a great example. One of our clients that I know personally recently came to us with about a half a million dollars of debt. We made it noncollectable for him and he then planned his way to purchasing a $700,000 apartment complex without one cent of his own money.
Tags: acquiring debt, build wealth pay off debt, noncollectable debt
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Wednesday, February 2nd, 2011
Make sure you do not own anything. If you own something in your personal name, it’s unsafe from risk and cannot be managed as it should be and it can be taken away from you. Possession or ownership of personal or real property is a fiction anyway. We must view our property, precious stuff and money like the affluent wealthy. We must not be owners, but stewards and the property and money over which we are stewards and we have a duty to properly manage and maintain for ourselves and the benefit of others like the next seven generations of people. The money and property are mandatory tools for hale and hearty living and they will provide for us, and they must continue to serve and provide for others who follow after us. I recognize that sounds so idealistic, but I include it as a secret you must know because you’ll perhaps never hear it unless you are serious about taking care of your wealth and using that wealth to take care of your family and friends. Most people do not express these serious feelings or speak this type of language.
Tags: asset protection from creditors, creditor protection, Debt help secrets, debt relief tips, protect assets
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Monday, January 17th, 2011
Secret 2 is understanding the use of personal verse business credit. Using your personal credit makes you broke while corporate credit for your business enables you to enhance your net worth as you borrow money, the literal opposite of personal credit. Similarly, your personal credit record is just another system to keep you motivated to pay creditors, although it makes no sense at all. This doesn’t mean that you can carry on the same habits that got you hooked on debt personally, now through a business. In fact, using a business for building corporate credit involves a totally different set of rules that truly help you formulate the correct choices in the application of credit.
Summary: Learn how to build and use corporate credit with out the use of a personal guarantee or an owner guarantee.
Tags: asset protection secrets, judgment credit loan modification attorney remove debt sued credit card wipe out debt your creditors
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Friday, January 14th, 2011
Company owners prefer to incorporate or structure a Limited Liability Company (LLC) to help shelter personal assets from company liabilities and to offer tax-deductible remuneration for employees and owners. Either incorporating or the LLC structures for small businesses and entrepreneurs are created via an official state filing. As a state-acknowledged business entity, there are a number of legal and tax papers that your company will receive each year from the state.
Most jurisdictions call for corporations and LLCs to appoint and sustain a Registered Agent to take delivery of and forward such documents on behalf of your company. The Registered Agent for your LLC or corporation shall be located at a legal address (not a PO Box) within that state, hence they are sometimes referred to as “Resident” Agent. We find that mail forwarding services such as the UPS Store can suffice for this address. Your company’s Registered Agent such as an attorney is obligated to be accessible continuously during typical business hours to receive documents and tax notices from the state and service of process from any legal proceedings. This is another reason we prefer a mail forwarding store address.
Failure to retain a Registered Agent can result in loss of corporate or LLC standing. Similarly imperative—if an answerable party is not accessible to receive service of process at all times, then your company could be unaware of a legal claim and a judgment may be entered against you.
It is not a high-quality suggestion for businesses to serve as their own Registered Agent. Probably, the safest route is to select a reliable third party such as a service company or an attorney. Using a service company as Registered Agent provides peace-of-mind for busy business owners:
• It allows freedom to let business (and vacation!) take you out of the office.
• It provides a vital piece of personal privacy, protecting you from being served with a legal proceeding in front of customers, clients, vendors or neighbors. You could also avoid being served if you set up your address and registered agent properly.
• It allows you freedom to change addresses or locations as your company increases in size and revenue, without filing costly changes of address with the state each time.
• It allows you to not come up on an asset search done by creditors if properly set up. This makes is so your not a target of a lawsuit.
The Registered Agent serves a significant function and is an essential part of protecting your corporate standing and your company’s financial future. It is vital that small businesses decide on who they will have serve as their Registered Agent strategically. Incorporation and LLC service companies often provide Registered Agent service as part of their formation package. You can also have an attorney be your Registered Agent.
A good Registered Agent should understand business laws and have some type of relationship with Secretaries of State. They should forward to you all important documents as soon as the arrive especially the service of process the same day it arrives, so that you know immediately who is bringing suit, in what court jurisdiction, what day process was served, the type of case it is and how much time you will have to respond. (You will usually 20-30 days to respond) In addition, they should promptly forward official state documents received such as tax notices and yearly reports. Visit www.incorporate.com/?9954 for more information on the ins and outs of Registered Agent service.
Tags: business agents, registered agent status
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Friday, January 14th, 2011
WHAT IS A COMPANY?
Legally, a Limited Liability Company is an artificial person, separate, distinct and apart from you. You are NOT the company; it is its own entity and is responsible legally for its activities. It can buy, sell, trade, and make and obtain loans just like any normal person.
A company is a citizen of the state where it is created and has an address of where it “lives.” Death does not affect a company nor do any problems that may impact the owners of the business (i.e. death, bankruptcy, etc.). Establishing companies for distinct activities helps insulate the owner(s) from the risks and liabilities involved with each one individually.
It is important that when you have a company you treat it actually like a company (i.e. have an annual meeting, keep minutes of the meeting, keep finances separate and distinct from each other). Though an annual meeting and minutes are not required it maintains strength as to the separateness of the organization from the individual. It is also important to have more than one member of the company to maintain the strength and separateness which provides the protection from the activities between the individuals and the LLC.
Keep complete Articles of Organization along with an Operating Agreement and other paperwork current. Though not required, the Operating Agreement is a private document kept within the company outlining the manner in which the organization will be run, and includes things like ownership, distribution information, how the company will respond to a sale, or separation of members from the company, etc. The Articles of Organization are kept on file with the state and are public record. These identify the registered agent, whether the company is managed by a manager or a member of the organization, the anticipated life of the company, etc.
CREATING A COMPANY
To set up an LLC, file your Articles of Organization according to state specific guidelines, paying all necessary fees. Articles of Organization are usually filed with the Secretary of State and you can often establish your own company right from the state website where you live. You may wish to hire an attorney for the filing an preparation of the paperwork, or you can do it on your own. We provide examples that work for most states and are available to help you. You are responsible to make sure they satisfy the specific requirements for your individual state. The Operating Agreement also provided as an example has more flexibility in most states as it is often a privately kept document within the company.
Tags: corporation, start company, start corporation, start LLC
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Wednesday, February 3rd, 2010
Debtors with mortgage deficiencies are not in the clear as they think they are. Creditors are waiting for the opportune time to take the unknowing debtor to the cleaners and garnish everything they own and have worked hard for. If debtors don’t protect their assets and them self from the affects of mortgage deficiencies banks will sue and obtain a judgment for the deficiency. The court will allow the creditors to freeze the debtors bank accounts and garnish their wages for years to come. Read this heart wrenching story on the reality behind foreclosure: Mortgage lenders pursue homeowners even after foreclosure
Dont subject your self to the risks of creditor extortion join the Freedom From Creditor network today.
Tags: creditors garnish, debt and mortgage deficiencies, debt on home, house upside down, lose house, lost home, mortgage lenders fraud, negative equity, will bank sue me after foreclosure
Posted in asset protection, bankruptcy, debt settlement | No Comments »
Tuesday, November 3rd, 2009
The Uniform Commercial Code is a set of uniform laws written by the American Law Institute and the National Conference of Commissioners on Uniform State Laws governing commercial transactions. It took over ten years to originally draft the UCC, and a further fourteen years for the UCC to be implemented across the United States. The creation of the UCC began in 1940 in an effort to “attack major commercial problems with comprehensive legal solutions.” The Code became effective at midnight on June 30, 1966 , and applies to transactions entered into and events occurring after that date. The UCC helps to promote interstate commerce by making it simpler to pursue transactions in various jurisdictions. The Code covers the sales of goods, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, investment securities and secured transactions. The UCC has been adopted by all states except Louisiana.
The Uniform Commercial Code adopts a filing approach, under which an abbreviated notice or financing statement is filed with the appropriate filing officer evidencing that a debtor and secured party intend to engage in a secured transaction using specified collateral as security. In plain language, the Uniform Commercial Code allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office. When a business applicant pledges collateral on a loan, UCC search results tell lenders whether others have filed a claim against the same collateral.
Tags: Asset Guard UCC Lien, asset protection UCC, blanket lien, patriot act scams, straw man scams, straw man ucc, Strawman, Superior Liens, UCC Lien, Uniform commercial Lien
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