As the new year approaches and entrepreneurs begin to talk about starting a new business, the first thing to tackle is formation of the business instructed by experienced asset protection and business attorneys. Eric Lanigan and Roddy Lanigan understand that debtor-creditor law can be complicated and sometimes bring on unnecessary stress. Problems can arise with creditors at any time and it is extremely important that you work with a knowledgeable attorney that understands how to protect assets.
In simplest terms, asset protection deals with the legal methods and common law of defending assets of individuals and business entities from civil money judgments.
The overarching goal of asset protection is to make sure your property is insulated from the claims of creditors and to make sure they play by the rules. Even though creditors can sometimes be aggressive in their attempts to seize your property, many times the debtor has significant rights that can curtail their efforts.
Nevertheless, there are some important factors that go into asset protection. The identity of the debtor whether it’s an individual, a spouse, or a corporation plays an important role throughout the process because many states have their own rules depending on the debtor. The identity of the creditor and the nature of his or her claim are also essential in determining the rights of the debtor because many laws are specific to the type of claim involved. Lastly, the nature of the asset is vital because there are sometimes special rules that apply to different types of property.
Furthermore, all 50 states have laws that exempt particular assets from creditors. While these can vary from state to state, most of the exemptions take into account the equity in a personal residence, individual retirement accounts, and other basic personal property that a debtor requires. On the other hand, certain type of business structures can provide significant benefits depending on the state laws.
Whether you are an individual filing for bankruptcy, a corporation in need of reorganization, or a debtor tied up with creditors, Winter Park attorneys Eric Lanigan and Roddy Lanigan are here to help with asset protection. The Lanigans are attorneys who understand that facing financial trouble can be difficult but they want to assist you in tackling these problems head on.