Legal Question in Bankruptcy in California

Re: Bankruptcy

Asset protection. Probably, the more important question to ask is what you should not do. Do not transfer the title or name of any assets (i.e. your home) to a relative or friend to hide those assets from creditors. If you do this, the bankrutpcy trustee will have a fit and make your life and financial condition worse than it was before you filed bankruptcy. What you can do is sell your assets for value and put the money where it will be very hard for a creditor to find. A good place to put money is in a corporation or trust with a weird name, like "The Unknown Debtor Trust." As far as land goes, any conveyance to a trust or corporation will show on the County Recorder's records, and there could be tax issues. However, with land, it takes several months to foreclose on a judgment, so you would have some time. As far as wages go, you could ask your employer to pay you as an independent contractor, if you would qualify as one. Your independant contractor pay can be seized 100%, but creditors usually try a wage garnishment before they try a writ of execution on accounts receivable.

Before you try any of the above, you really need to consult with an attorney who can review your entire financial situation. When moving assets around before filing bankruptcy, there are serious civil and criminal issues involved. The point being, do not try any of the above on your own without the assistance and advice of an experienced attorney.