Real Estate Investment Articles

Asset Protection at its Best

By: The Hughes Brothers

Some people will do anything to protect their assets. If it looks like you are about to lose the ship, you might try something unorthodox. Case in point.

Have you ever heard of the expression, “all developers die broke?” Well, this developer followed the path of most and could not find a new project to fund the negative cash flow (and his personal lifestyle) of the last project. So, he declared bankruptcy and the lenders came after him.

Before the lenders could get a judgment against him he had his WIFE sue him for 2.1 million dollars. Her justification was the promise that her husband had made to her over 20 years ago that he would provide her with 100,000 per year for support. When he declared bankruptcy she sued and some idiot judge let her get a judgment against her husband for 2.1 million dollars.

So, what does all of this mean? It means that the husband’s creditors are second in line to collect because the wife is first in line. There is only a limited amount that a creditor can get from you and it works like a lien on a property. The first lien has first priority and the second lien has second priority and so on. If the husband spends the rest of his life paying off the wife’s judgment he will be protected against the other creditors! Smart, hu?

If you are interested in protecting your assets, please go to our products page and look at our Privacy and Asset Protection book:

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The Hughes Brothers

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