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

Asked over 2 years ago - Chicago, IL

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. David Matthew Gotzh

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    Contributor Level 20

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    Answered . 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. Marc Gregory Wagman

    Contributor Level 17

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    Answered . 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... more
  3. Jeffrey Scott Hyslip

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    Answered . 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. Barry Franklin Poulson

    Contributor Level 20

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    Answered . 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... more

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