QUESTION

I need to know how to protect my assets right now from somebody suing me from an automotive accident.

Asked on Jul 30th, 2021 on Debtor and Creditor - Florida
More details to this question:
Due to an accident the person hit and his attorney asking for my policy limits plus all my financial affidavits and assets by August 12th. $100k ins limit. I have about $50k in the bank plus a rental prop which I make $750/mo not including h/o ins I pay $1500/yr. & an old 401k that was rolled into IRA. On paper it's going to look like they will get more out of me than ins. Also, I just had to let her 27k credit card charge off today so they will be going after the same probably. I haven't been able to work in the last 3 years bc of an emergency back surgery and 3 weeks later found out I was pregnant. Dr said I was not going back to work I was told I didn't qualify for disability and so I have not had any income I've been living off my savings. as of the last year our household is not had any stable income with exception of my 725 rent. I don't have any money but need help to protect assets.
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1 ANSWER

Bankruptcy Law Attorney serving Fort Myers, FL
Partner at ZinnLaw PLLC
4 Awards
Usually, someone in your situation cannot "protect" assets, since anything you do with the money in the bank or certain other assets can be reversed by a creditor as a fraudulent or preferential transfer.  It may be that your best option is to file a bankruptcy to get rid of the debts and get a fresh start.  You should speak with an attorney in your geographic area about this.
Answered on Aug 02nd, 2021 at 5:12 AM

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