Friday, March 11, 2011

Are You One Lawsuit Away From Poverty?

This blog is about a crisis that is occuring in Chicago and Cook County and across the country. Small business owners and individuals are being sued at record numbers. Whether it is a mortgage foreclosure, failure to pay your credit card or bank loan, or whether a business owes you money due to their financial problems. In my experience, one lawsuit threatens the viability of many families. Lawsuits and financial distress cause headaches and stress. I know because I represent many people and business owners that have been sued. It is no fun trust me. Bankruptcy often times is not a simple answer because if you are over the age of 50, most people do not want to start over. More importantly, there are a lot of people and business owners that have considerable equity. The fear of losing all of your real estate or assets is a frightening thing. Especially considering many of you are people and business owners that have experienced good economic times. The recession of the last several years have threatened the hope and American dream for you and many people.

My simple advice to people is make sure your assets are protected to prevent a lawsuit from destroying you and your family's life. Money means nothing, but unfortunately, financial struggles mean a lack of hope and faith that tomorrow will be better than today. Hope and faith are serious issues because faith is a belief in the unknown that things will be better. If you are like me, these difficult times brought me closer to God. Fortunately, for me, I paid off almost all of my debt. However, I understand many of you are facing the trials of the IRS and collection attorneys and collection agencies. This is not a fun process and one that I am confident that you would do differently if you had a choice. For many of you, you are considering whether a strategic mortgage foreclosure makes sense although you firmly believe in paying your debts. I understand but realistically, some people should consider a strategic foreclosure. But, you should be wise and develop an appropriate asset protection plan prior to this eventuality. Otherwise, your deficiency judgment may result in you losing your other real estate properties and your financial security. You may face a levy of your bank accounts, which is no fun. The appropriate asset protection and exemption planning advice can help you prevent financial ruin. This morning, I am going to file a Motion for a small business owner that had $600 frozen by a creditor. This is a small amount of money, but I am sure to this Defendant, this is a huge sum of money. Bank freezes always occur at the worst moment. Be wise and get an asset protection plan to prevent life as I have just described. Things can be different.

Sean Robertson is an asset protection and lawsuit liability planning attorney concentrating in asset protection, exemption planning, and lawsuit planning for small business owners and individuals. Sean Robertson may be reached at (312) 498-6080.

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