What is the name of your state (only U.S. law)? New Mexico
I was granted a judgment against an individual about ten years ago. For a few years, he did not respond and then we came to an agreement whereby I would release the judgment as long as he made monthly payments on it. The agreement was escrowed and the terms were that if he failed to make timely payments, I would reinstate the judgment which would mean that a lien would be placed against anything he owned. He did pay for about 5 years and then stopped payments. I subsequently found out that his primary asset, a large apartment building, which was previously in his name, had been transferred into an LLC of which he is not even a member. However, his wife and another individual whom he knows are listed therein. I approached him and said that I knew he was just trying to hid his assets and he told me that the LLC was formed over a year ago and I could, therefore, not prove he did it to intentionally avoid my judgment and that it was protected because he is not involved in it and simply because it is an LLC.
Is any of this true? If I reinstate the judgment, he doesn't have enough equity in anything else so I know it won't do me any good. I don't won't to spend more money on attorneys if it is true that this judgment won't effect
the apartment building under the LLC. Any way around this. By the way, he and his wife were married after I first got the judgment so she was never involved.
I was granted a judgment against an individual about ten years ago. For a few years, he did not respond and then we came to an agreement whereby I would release the judgment as long as he made monthly payments on it. The agreement was escrowed and the terms were that if he failed to make timely payments, I would reinstate the judgment which would mean that a lien would be placed against anything he owned. He did pay for about 5 years and then stopped payments. I subsequently found out that his primary asset, a large apartment building, which was previously in his name, had been transferred into an LLC of which he is not even a member. However, his wife and another individual whom he knows are listed therein. I approached him and said that I knew he was just trying to hid his assets and he told me that the LLC was formed over a year ago and I could, therefore, not prove he did it to intentionally avoid my judgment and that it was protected because he is not involved in it and simply because it is an LLC.
Is any of this true? If I reinstate the judgment, he doesn't have enough equity in anything else so I know it won't do me any good. I don't won't to spend more money on attorneys if it is true that this judgment won't effect
the apartment building under the LLC. Any way around this. By the way, he and his wife were married after I first got the judgment so she was never involved.