Is there any way to secure some personal savings from judgement collection?

Question

I'm not sure, but I may have a judgement against my company someday. I just want to secure my personal savings. I've now heard that even a safe deposit box isn't safe from judgement collection. So, where could I keep the cash? Only in a safe somewhere?

Also how does the "court" know about me opening up a safe deposit box somwhere. The people that are suing my company are from out of state.

Answer 1

Usually a judgment against your corporation would not equate to holding you personally liable, they would have to pierce the corporate veil, that said, depending how you ran your company i.e. mixing personal use with company use they maybe able to pierce, esp. if it was more of a mom and pop type of operation

Toward your question: as I posted in your last question, when on notice of possible suit you seek to transfer assets to hide them from future potential garnishment from the suit its fraud

Safe deposit box are not confidential information, but in general what will happen is after the plaintiff wins the case they issue an information subpoena to you, which will require you to divulge all your assets, failure to do so will result in contempt of court and maybe even jail time, lying about the assets will also place you in a perjury felony area

Answer 2

If your veil isn't going to get pierced what "other things" could you possibly be worrying about?

If you already have competent attorneys working on this, why are you asking questions to the world of unknowns?

Asset protection can be done, but one has to define the amount of "asset" one wishes to protect because some strategies are rather expensive. It all depends on who you are protecting from and how much you're protecting.

I did this stuff for a whole career, and I was very good at it, and GOZ is in fact, spot-on with regard to veil, fraud, etc. If you think he's a fool then you're talking out your toes.

Bottom line is making it more expensive to find and get than the recovery would likely yield. To plan that, one has to know the nature of the action, the nature of the plaintiff, the nature of your business structure, and the general amount of the funds in question - that is if the question is at all real in the first place.

Answer 3

Safety deposit boxes can be traced. "Trusted" friends can rat on you.

Are you planning on committing some type of fraud. In that case, keep your cash safe from judgment by bury it in your back yard in the dark of night. Keep a couple pit-bulls as guards. Your cash will be safe until your sentence is up.

Trust me on this one.