What is the name of your state? California
I have heard that forming a Family Limited Partnership can shield your assets from law suits. I was defrauded into a bad business venture and I have a lot of debt that I need to deal with and I am considering debt settlement. And that brings me to worry about law suits by creditors, mainly credit cards and a business line of credit.
Can anyone advise if Family Limited Partnership can in deed shield assets such as homes, cash in bank account, IRA, 401K, automobiles? Of course, there is the thought that if it does in deed shield foregoing items, the creditors, court, and other entities may consider the Family Limited Partnership to be fraudulent.
Any advice would be greatly appreciated. I am paying about 2k on mimimum payments every month.
Thanks,
I have heard that forming a Family Limited Partnership can shield your assets from law suits. I was defrauded into a bad business venture and I have a lot of debt that I need to deal with and I am considering debt settlement. And that brings me to worry about law suits by creditors, mainly credit cards and a business line of credit.
Can anyone advise if Family Limited Partnership can in deed shield assets such as homes, cash in bank account, IRA, 401K, automobiles? Of course, there is the thought that if it does in deed shield foregoing items, the creditors, court, and other entities may consider the Family Limited Partnership to be fraudulent.
Any advice would be greatly appreciated. I am paying about 2k on mimimum payments every month.
Thanks,