3 ms·

Where did I put the $100k when I withdrew it from my account? Did I convert it to gold bars and stash it at my buddy Ricky's house? Did I deposit it into my bro

Where did I put the $100k when I withdrew it from my account? Did I convert it to gold bars and stash it at my buddy Ricky's house? Did I deposit it into my brokerage account? Did I pay my lawyer with some of it and buy a car with the rest? Let's say I'm buying a rental property, and during the closing process I'm served with this lawsuit. Are you saying it's illegal for me to close that sale? Only one of those examples would be suspicious to the court, and only if I was attempting to claim insolvency during the proceeding or in dragging my heels on a judgement.

paulpauper 4y ago
Where did I put the $100k when I withdrew it from my account? Did I convert it to gold bars and stash it at my buddy Ricky's house? Did I deposit it into my brokerage account? Did I pay my lawyer with some of it and buy a car with the rest? You would have to answer to that under oath. It's called a Debtor's Examination, assuming you lose, or fail to answer the lawsuit, or it does not get dismissed. A bank account statement showing a large withdrawal shortly after being served would be a major red flag. The idea behind asset protection is to move the assets to a secure place or set up protections before you get sued.