Protecting asset in lawsuit

[vambo]

What is the name of your state?California
I am being sued for $21,000 for property damage (another party's vehicle was written off). My insurance company is representing me. We have no assets apart from a van which we have just paid off. We do not want them to take it away. We have an S corporation. Can we put it in the corporation name to protect it. The insurance company attorney will not give me an answer to this as he says it is not his field. Court case is in April. My husband & are are both self-employed, we have a lot of debts. I did make a payment agreement with other party's insurance co. but reneged (sp?) on the agreement as I could not afford payments at that time. This is why they are now suing me.

 

[I AM ALWAYS LIABLE]

What is the name of your state?California
I am being sued for $21,000 for property damage (another party's vehicle was written off). My insurance company is representing me. We have no assets apart from a van which we have just paid off. We do not want them to take it away. We have an S corporation. Can we put it in the corporation name to protect it. The insurance company attorney will not give me an answer to this as he says it is not his field. Court case is in April. My husband & are are both self-employed, we have a lot of debts. I did make a payment agreement with other party's insurance co. but reneged (sp?) on the agreement as I could not afford payments at that time. This is why they are now suing me.

My response:

Hey, that's a great idea! I wonder why no one else has ever thought of doing that?

Ooop! They have. It's called the "Uniform Fraudulent Transfer Act" (Ca Civil § 3439 et seq.)

Your only "out" is filing Bankruptcy.

IAAL

 

[vambo]

California.
BK is not an option since we had to file 7 years ago due to medical bills. Can we file for a business exemption for tools of trade - both me and my husband use the vehicle in our business.