Steve Rhode of GetOutofDebt.org recently contacted me to get some information about the innovative “Asset Guard” solution that we utilize. He posted the interview on his blog.  You may have had similar questions and hopefully this interview will give you a few answers.  See the whole interview here.  Following are a few excerpts:

Billy, if I read the product description correctly, it sound ingenious, tell us how Asset Guard works and who it is for?

The Asset Guard is quite unique and yet the underlying concepts have been used by banks and other larger businesses for years. In layman’s terms, it is a superior lien over your personal name that effectively “blocks” any unsecured creditors from attempting to become secured. This means it deters creditors from pursuing judgment in order to acquire assets that they have found to be yours (through skip tracing and public records searches). This includes equity in property as well as other assets. It is also meant to include paper assets such as bank accounts, stocks, bonds, etc. The creditor finds the asset guard in place and realizes the difficulty in acquiring assets by pursuit of judgment. In the event that a judgment is pursued and achieved, the asset guard renders the judgments virtually noncollectable (similar to a high 2nd, 3rd, etc. position on a mortgage loan. The lien may be noncollectable as it is way out of the equity of your home).

The asset guard is not “touted” as protection to the creditor, but is easily found as they search public records in pursuance of collection efforts. In fact, to tell them you are protected will only push them to “test” you since you are so “confident” which will only create additional headaches. We combine the Asset Guard protection with Validation requests to creditors in order to fortify your position when you decide to begin negotiations. Although it yields protection by itself, the true protection comes when combined with these other efforts.

The Asset Guard is ideal for those looking to protect assets, including equity and paper assets, while improving their results from negotiation efforts. The value is especially seen with those carrying higher debt loads as the collection efforts increase with larger accounts. Carrying the two key benefits, it helps those looking for debt settlement and to negotiate debts for pennies on the dollar.

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Have you had any clients that have been able to successfully avoid having their property attached by creditors using Asset Guard?

Yes, many clients have seen the protection resulting from utilization of the Asset Guard. One such client held several million in real estate (that he was unable to turn over or sell for the time being) that was completely free of any incumbencies due to unsecured debts. The asset guard allowed him to compartmentalize his debts to be negotiated and treated on their individual merit and not the pursuit of additional, more damaging collection efforts. Other clients have experienced similar results and some with very substantial amounts of debt ($500k+ in unsecured debts).

So does the client need to leave the Asset Guard protection in place forever? If not, when can they remove it?

It is recommended to remain until all credit accounts are resolved. This avoids any further “surprise” issues that may arise. When a client chooses to remove the Asset Guard, it is as simple as requesting removal with us. In order to maintain full control of the process however, the client is also issued a “lien release” that may be exercised at anytime regardless of our involvement. This alleviates any fear of losing control or putting to much power into another companies hands. Although you cannot hold the lien yourself, you maintain control.

A special thanks again to Steve.

Do you have any questions about the Asset Guard?  leave a question in the comments or contact us.