We are fielding an increasing number of calls from business people who are anxious to know what they can do to ensure, that their assets and in particular their homes, are protected from creditors. There are simple steps that can be taken that greatly improve your chances of avoiding the loss of your home. In recent times this has become more difficult, but it remains possible. The aim of asset protection strategies is to remove creditor access to certain assets entirely. When this is not possible then the aim instead should be to put significant obstacles in the way of creditors. Although some determined creditor may still suspect a way to penetrate your defences the cost of the taking these steps and the risk of failure may prevent a creditor from even trying.
In order to be successful, asset protection strategies need to be put in place before you are in financial trouble. Creditors should not be aware of the existence of the assets or they should know, from the time of their first dealing with you, that these assets are off limits. There are only limited things that can be done, once it becomes clear, that the risk of a financial failure is real. Yet there are still steps that can be taken to improve your situation. Although these steps may not defeat a trustee in bankruptcy they may improve your risk position and discourage creditors.
Regardless of amazing advances in technology and society, the risks and challenges that we face in business today have changed little over hundreds of years, it is only the tools which we now employ in our businesses that have changed.
Concepts brought into existence hundreds of years ago still influence, if not determine, how a business should be structured. The steps that you should take to upgrade your business were first taken by others hundreds of years ago.
