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Protecting assets

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getans

Junior Member
What is the name of your state? Louisiana

Last year, my mother co-signed for an auto, which has since been repossessed. Suit has been filed against her for remaining balance after sale of vehicle. She has hired an attorney to help her with the settlement of suit, or other appropriate action. What would be the best suggestion? In the course of this situation, several questions of asset protection has occurred to her.

The only asset she has remaining is her home, valued at approximately $25000 generously. It is protected by LA's homestead law. Her concern is the forced sale of her home if she were to have to be moved to a nursing home (she's 66 and in good health now, but worries). Is it best if she were to sign her home over to one of her children? Are there laws that allow her occupancy without ownership (she heard mention of something along these lines)? I suggested having one of the children to simply place a lien on the home for it's value. What are the consequences?

Also, her attorney mentioned that collector's could confiscate funds from her checking account. Is this possible, what are their limitations, and how does she protect herself from it?
 


Debt Guy

Senior Member
If mom has an attorney, that is the person to whom you should be directing these questions. LA has a set of laws based on the French legal system -- all other states are based on English common law. That means your state has quirks that others just do not understand. A local attorney is the right place for answers especially those that relate to asset exemptions and how to "shelter" assets.

As to the bank account, yes, judgment creditors can levy a bank account.
 

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