Often times, the reason we find ourselves deep in debt is due to a catastrophe of some type. According to research done at Harvard University, 50% of bankruptcies are due to medical bills. This means we must plan ahead for these unexpected events. One way to do this is to do some asset protection. This is especially needed if you get a judgment against you that could wipe you out.
We live in a very litigious society, and high-net-worth individuals are good targets. So the secret to real asset protection? Don't own or control anything. This isn't as simple as it sounds, but a book written by Jay Adkisson, "Asset Protection" is one of the best I've found. Be cautious, because there is a lot of illegitimate strategies that could land you in jail, or at least in the poorhouse. Jay is a highly respected attorney that is combating the fraud at his website www.quatloos.com. This is an area where you have to stay one step ahead of legislators and court rulings, because the law is extremely creditor friendly.
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