Monday, December 14, 2009

Why Joint Accounts Are Dangerous For Asset Preservation?

In today's post, we will discuss joint accounts such as joint bank accounts, joint certificate of deposits, joint ownership of real estate, and any other joint accounts where you own property with somebody else.

For asset protection purposes, joint accounts are considered available to creditors. For example, Frank and Jan have joint bank accounts and Frank has a judgment in the amount of $100,000. In this example, a creditor will freeze Frank and Jan's joint bank account and all of the money is considered available to Frank's creditors beyond the $4,000 personal exemption amount in Naperville, Illinois. Jan lives in Aurora, Illinois. Thus, Jan's money is at jeopardy despite her being credit worthy and without any judgments.

When you have a judgment or prior to any judgments, the Robertson Law Group, LLC concentrates in representing business owners, physicians, chiropractors, small business owners, executives, retirees, and middle class americans in preserving their assets such as bank accounts, real estate, and other assets.

We can be reached at 312-498-6080 or 630-364-2318. We are located in Naperville and downtown Chicago. Our email is

Land Trust and Asset Protection in Naperville

Robertson Law Group, LLC is a Wealth Preservation Law Firm in Naperville and downtown Chicago, Illinois. A Private Land Trust is a vehicle where liens and judgments do not attach. With credit card debt becoming an increasing problem, Illinois land trust are a good way to shield your real estate against judgments and liens. An Illinois land trust is not without its limitations, but it provides much greater protection against judgments and liens than doing nothing. In today's economy, a husband and wife should never have their house titled in joint tenancy with right of survivorship. Instead, tenants by entirety is a better way to protect your home from creditors.

Robertson Law Group, LLC can be reached at either 312-498-6080 or 630-364-2318 or You can check us out at

Lawsuit protection and Asset Protection

In today's economy, protecting one's assets is becoming more vital. With the increased risk of mortgage foreclosures, breach of contract claims, and credit card bills increasing due to increased interest rates by the credit card companies, middle class Americans are increasingly struggling in making ends meet.

Asset protection is vital because one mortgage foreclosure could impact all of your real estate holdings. Thus, if you own four (4) investment properties, one mortgage foreclosure could jeopardize your other three (3) investment properties. With asset protection, we re-title your real estate property and therefore, isolate each real estate property from the liability exposure of the others.

Furthermore, when one faces a lawsuit or judgment, your bank accounts can be frozen, your personal property sold at auction, and real estate can be levied and sold at public auction. Thus, these are major issues, which are impacting Middle America.

At Robertson Law Group, LLC, we concentrate in Asset Protection for Middle America. We give you guidance on how to protect your assets and more importantly, give you peace of mind. Sean Robertson, Esq. can be reached at 312-498-6080 or We have meeting locations in Naperville, downtown Chicago, and Chicago Ridge (Southwest Suburbs).

key words: Asset protection, judgment, lawsuit, credit cards, chapter 7, naperville, downtown chicago, chicago, oak lawn, orland park, chicago ridge, and frankfort.

Sunday, December 6, 2009

Credit Card Bills and Bankruptcy Alternatives

Asset protection must be an alternative to bankruptcy for some people. In today's economy, I see many homeowners and middle class Americans who have equity in real estate that are not a good candidate for bankruptcy. Often times, many homeowners and their spouses have titled their houses and investment properties in their personal names. This is a mistake. If you own a vacation or commercial property, you should not have these properties in your personal name. Consider transferring your property interests to a Limited Liability Corporation or Private Land Trust. This takes the property out of your individual name and provides you and your family additional asset protection. Yesterday, I spoke with a couple that had $130,000 in credit card debt. The good news for them is they will pay the credit card debts and get their assets properly structured. However, it is nice to have a safety net in case other lawsuits jeopardize their plan to pay their credit card bills. Unfortunately, many homeowners suffer from foreclosures and credit card bills that are jeopardizing their assets and may ruin their retirement plans.

At the Robertson Law Group, LLC, Sean Robertson can evaluate your situation and give you recommendations. You can reach Sean Robertson at 312-498-6080 or 630-364-6318 or

Key words: Asset Protection, Bankruptcy, Debtors, Creditors, Cook County, Will County, Circuit Court of Dupage County, & foreclosure and deed in lieau of foreclosure.

Citation to Discover Assets-Will County, Dupage County, and Cook County

A Citation to Discover Assets ("Citation") is a legal process by a judgment creditor in Illinois where a creditor is looking for information about how to collect against a debtor. Citation to Discover Assets is administered under oath and typically in a hall mall. Typically, Citation to Discover Assets is an informal process.

During this process, you cannot make any transfers such as fraudulent transfers designed to protect your assets from the judgment. Robertson Law Group, LLC concentrates in Commercial litigation (closely held businesses) and Asset Protection. We work closely with Citation to Discover Assets and we know how to protect your assets before a judgment is entered and after a judgment is entered.

Generally, a creditor will find out whether you are an employee or self-employed. If you are an employee, the creditor will garnish your wages by issuing your employee a wage garnishment. In Illinois, your wages will be generally garnished at fifteen (15) percent of your wages. Your bank accounts will be frozen and your monies will be seized. You have the opportunity to claim $4,000 per person as exempt from creditor's claims. However, you must actively claim this amount and set up a court hearing. Your house also can be seized and sold at public auction if you have enough equity to satisfy a judgment or partially satisfy the judgment. In Illinois, each person gets a $15,000 homestead exemption. A homestead exemption is the amount of equity you can claim that is exempt from creditors. You must reside in your home to get the homestead exemption. We practice a lot in Circuit Court of Dupage County, Circuit Court of Will County, and Circuit Court of Cook County.

If you have any questions, please call Sean Robertson at 312-498-6080 or 630-364-2318. We also can be reached via email at

Key words: Citation to Discover Assets, Non-Wage Garnishment, Wage Garnishment, Contempt of Court, Circuit Court of Cook County, Circuit Court of Will County, and Circuit Court of Dupage County.

We are located in downtown Chicago and Naperville, Illinois.