Protecting Your Property and Preserving Your Legacy
One of the biggest fears for individuals facing a financial crisis is the loss of property. They fear that cars, boats, homes, real estate, businesses and other assets will be taken away instead of being left to pass down to their loved ones, including their children and their children's children.
At The Lobel Firm, L.L.P., our attorneys have more than 40 years of experience. We understand how to hold assets to protect them from creditors in the event of a financial crisis that requires a debt restructuring or a Chapter 11 bankruptcy. Whether an individual believes bankruptcy is eminent, sees a looming financial crisis or simply wants to be proactive, we will take the necessary steps to put him or her in the most advantageous position. Those steps may include changes in ownership, commercial mortgage-backed security (CMBS) loans, limited liability companies and more.
Holding Personal Assets in a Limited Liability Company
Many individuals know about the protections provided by forming limited liability companies (LLCs). What they do not know is that the state in which they form an LLC can make a dramatic difference in terms of the protections provided. LLCs should be formed in states where creditors' options are limited by statute, states where the sheriff cannot force the sale of the LLC interests if the creditor gets a judgment. California is not one of those states. Our lawyers can provide advice about how and where to form an LLC in order to best meet each client's needs.
To discuss holding personal assets for protection from creditors in California with one of our lawyers, call 949-791-9642 or contact us via e-mail.
