ANSWERS: 2
  • Different areas have different laws, and since you can not know what the filing date that starts litigation in a matter is until you are "served", you do not know if selling your assets for $1.00 at this time falls under some clause or local or regional law which invalidates that sales. Get yourself an attorney who will know all the tricks and laws to effectively do these sorts of things LEGALLY. Also to find out if you really are being sued.
  • Obviously, you should contact an attorney, but depending upon your state, your home may be exempt, anyway. If not, then you probably cannot transfer your home this late in the game. I found this for you. "..."exempt" property (is)that (which) state law considers unreachable by creditors. Each state has its own laws defining exempt and non-exempt property. Certain property may be entirely exempt while the exemption for other property may be limited to a certain dollar amount. Examples of exempt property include: Primary residence in some states (including Florida) - the homestead exemption Household furniture and furnishings Clothing and jewelry Tools of a trade or business Life insurance benefits may also be exempt property. Federal law provides that most creditors cannot reach the assets held by qualified retirement plans. This includes pension, profit sharing, and 401(k) plans. Self-employed plans and Individual Retirement Accounts may be protected from creditors depending upon your state’s laws. Personal Assets Asset protection planning is considered to be both legal and ethical if it takes place before any event has occurred that could result in a claim against you. If you have already committed an act that could result in a claim or if you have been sued, then it is too late. Any asset transfers at that time may be considered a fraud upon creditors, in which case the law would not respect the transfers. To prove that an asset protection strategy was fraudulent, creditors must show that you had a fraudulent intent, either actual or presumed." http://www.talkmoney.com/asset_protection.html

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