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Asset Protection: Anatomy of the Lawsuit
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Advice from real estate guru Bob Massi
- Duration 3:07
- Date Dec 15, 2011
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Transcript
This transcript is automatically generated
I we've been talking -- -- about passive protection for a few weeks now but why do you need.
And what do you do if the bills keep piling up and a possible lawsuit could be coming up in coming along.
Joining us right now is Fox's legal analyst -- real estate experts he does every week.
Bob -- Bob first dog I don't the first question I find it intriguing in its question if you -- be issued by credit there credit card lender.
How do you know if you've been sued what do you mean how -- you know ultimate -- we can be well I don't know what.
Well here's what happens first of all a lot of people concerned that.
If they'd be -- -- their mortgage lenders going after credit card like -- they just take my money out of my bank cut the answer is.
No because you have to be -- in other words somebody SE Google courthouse at the follow lawsuit that it have to serve you without losses.
And as a result of that so many times people feel that I haven't hate something so therefore.
All my assets -- god there is a process that every creditor has to go through in order to collect and that is.
Follow lawsuit and serve that individual with the losses meanwhile if they can't find you can they still get a judgment against you -- a really good at hiding.
And Brian this is the most important thing I want to let our viewers know so many people were embarrassed by what's going on in this country because of the monies that they oh.
That many times they move -- they don't give forty addresses they sort of go run and hide.
If you -- somebody that you can't find them the wall says in every state in the union.
That by way of what we call legal publication where you put.
That person's name in a local legal newspaper for a period of weeks.
You can then go forward as a creditor and get a judgment against that person you have to be able to prove to the court.
That you tried to serve that person you couldn't find that person.
And if the court is satisfied with that excuse me David can enter -- judgment against that person.
Please viewers don't run and hide from your creditors face them head on really OK good if they get a judgment against you how long is it good for.
Varies from state to state for example in the state of Nevada judgments could for six years and can't be renewed.
And generally what happens Friday if they company or any creditor gets a judgment against someone right then what they do they -- they were recorded with the recorders office they'll try to find you they'll try to find out what assets you have.
And that's why I covered the asset protection -- so that you -- respectively.
That if there is something that you're involved and you have to face it directly to many people Bryant.
Are basically running in high yet there are judgment against them that's -- is why I have my wages and garnished because you didn't face the music please do that.
Many times it could be resolved Bob -- and especially -- if.
At a guy like you to help out Bob Massi thanks so much if you know what he have any questions email -- Your questions -- FOX & Friends dot com and we'll get it to a bit maybe he'll be on the show Bob -- -- next week.
Expert.
