IRS liens on your home and bankruptcy pt II

The other day I wrote about bankruptcy trustees using the bankruptcy laws to remove IRS liens from penalties. At the time I thought that was a bit aggressive. Today I read an even more aggressive case.  The debtor owned a house worth about $700,000, they had a first of $560K and IRS liens of about[…]

Why you need asset protection

Lets say you’re a successful surgeon. You are a money making machine, a large part of the machine is you do a lot of advertising. Somewhere along the line a government bureaucrat hears your advertising and says you aren’t giving all the required disclosures with your medical advertising. (You know those inane, rapid comments after[…]

Friendly liens aren’t so friendly

Have you heard the theory about filing a friendly lien to protect your assets? The theory is that if you file liens with the county recorder’s office that show there are more liens than equity in your home, the bad guys are going to leave you alone.  Couple of challenges with that theory. The first[…]

Spendthrift trusts and bankruptcy

Is it possible for your parents to leave you a ton of money in a trust and make it so that money is protected?  Even from bankruptcy? The simple answer is yes.  In fact the procedure is relatively simple to do.  All your parents would have to do is attach a sentence or two to[…]