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I want to legally and ethically shield my assets from Creditors. What is the best way to do so?

Chicago, IL |
Filed under: Debt

I believe a judgment will be taken against me in the next year. I want to shield as much as my assets as possible from creditors. If I start moving my assets into my wife's name (Car, bank accounts, etc.) are they shielded from creditors? What is the best way to protect my assets from a creditor in a non community property state? I wish someone would publish a step by step legal guide on this.....

Attorney Answers 4

  1. Best answer

    Better read 740 ILCS 160 first, otherwise known as Illinois' Uniform Fraudulent Transfer Act. After you do that, talk to an attorney that handles debtors rights in your area.

  2. How could that be ethical?

    We do not have a client/attorney relationship until you make an appointment, we discuss your case face to face, I accept a retainer, and we explictly agree to enter into representation.

  3. There is nothing unethical about protecting your assets to the fullest extent of the law. The laws were passed to provide you with protection. As the first attorney stated, find an attorney that focuses on Bankruptcy or debt collection. They could help you "plan" properly. Huge corporations and the rich do this all of the time. You just want to make sure you protect yourself in time to prevent any appearance of fraud.

  4. What you are trying to do is a fraudulent transfer. A fraudulent transfer is transferring assets to another person for little or no value in order to shield it from creditors. The Uniform Fraudulent Transfer Act is in Illinois as almost every state and transferring assets does not shield assets from creditors if you file bankruptcy certainly and the creditor can argue it in state court as well.

    The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Illinois. Responses are answers to general legal questions and the receiver of such question should consult a local attorney for specific answers to questions.

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