Posted on January 21st, 2011 | Categories: Asset Protection
Let me answer that question for you: They’re likely deeper than you think. To figure out just how deep, you need to put together a confidential inventory of your assets and liabilities (a.k.a. your balance sheet).
Assets generally are thought of as cash, stocks, bonds, real estate, cars, paintings, IRAs, and 401(k)’s. However, the definition is much broader for collection purposes. Any future income stream is also an asset and, thereby, subject to creditors. Even if you haven’t received these monies yet, a judgment holder may get to them through a continuing garnishment proceeding. Any and all partnership interests, even if there is no clear value, are assets. Intangible assets such as trademarks, copyrights, or patents are also subject to seizure. And of course, there are tangible assets like computers, furniture, and equipment.