Legal Question in Wills and Trusts in New York

Re: Any Estate Planning I can do to avert losing all assests

THEY CAN ENFORCE THEIR JUDGMENT BY ATTACHING ANY PROPERTY YOU OWN INDIVIDUALLY, ALTHOUGH THEY MAY NOT TAKE SUCH DRASTIC ACTION. I SUGGEST TRYING TO WORK OUT A PAYMENT PLAN OR COMPROMISE THE AMOUNT DUE. TRANFERRING YOUR PROPERTY AFTER THE JUDGMENTS ARE RECORDING EXPOSES YOU TO TRANSFER IN FRAUD OF CREDITOR CLAIMS AND LITIGATION WHICH MAY HAVE MORE SEVERE RAMIFICATIONS.

Re: Any Estate Planning I can do to avert losing all assests

You failed to mention if the property owned is in personal or corporate names, if the judgments are against you personally or against a business that failed.

If the judgments are against a former business (C Corp, S Corp, LLC, LP, etc) then it is unlikely that the business' failures will be attributable to you personally, and they will not be able to force you to personally pay the debts of a failed business.

If the business was a sole prop, or a general partnership then you will be held to pay its debts.

Also, the property if it is in corporate or other names, i.e. LLC's, LP's etc, then the judgments should not effect them. On the other hand, if they are all held personally and your debts are personal any movement can be deemed a fraud on creditors and you will have additional issues.

In that case, I suggest you head Walter's advice and contact the creditors.