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.

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