Legal Question in Credit and Debt Law in Michigan
is this a way to shelter money from garnishment
Hi there... the state of delware I hear THE BANKS ARE EXEMPT FREE
from garnishment. Now from my limited understanding THIS DOES NOT PROMISE YOU PROTECTION.
In a similar fashion, offshore accounts in some foreign jurisdictions are protected from garnishment as well. Meaning the assets cant be frozen or seized directly. But if a court claims personal jurisdiction over you, they can simply order *you* to move the assets to an account in a seizable jurisdiction or pay them to a creditor directly, garnishment or not, under penalty of contempt.if A COURT DECIDES TO. From my research if you live in michigan, and get sued and owe $40,000 let's say
and you have a structured settlement for catastrophic head injury and that payment is deposited in an account in delaware could it be garnished as in
would a court really go through the EXTREME ABOVE? Could I as well set up the structured settlement to pay to a corperation set up in delaware that flows and pays me to avoid the judgement from a law suit? as well does where the money is coming from i.e the structured settlement does that matter? and so far I haven't got papers for court yet but the car rental place is threatening to sue
is the above practicle vrs just donig nothing?
1 Answer from Attorneys
Re: is this a way to shelter money from garnishment
Moving assets just before an anticipated case against you where money is sought is considered a fraudulent transfer. I'd suggest consulting with a local attorney to advise you as the best way to minimize the damage to you.
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