Attorney, Perjury, Bizet discussed on Radical Personal Finance
Can very much minimize your legal risks, and especially your risks of asset protection give you an example to demonstrate to you the difference between this remember that in asset protection planning if somebody wants to sue you. They're going to retain an attorney, and as part of that attorney retainer process, they're going to do an asset search for you. And in order for somebody to success. Really sue you or to really be intentional about suing you in an order for an attorney to take on the case, they're going to have to be convinced that it's going to be in their best interest, which means that they wanna make sure that you have deep pockets, what attorney is gonna take a case on retainer, if they're not suing somebody with the pockets almost no one if they do take the case, they're gonna take it and make the the plaintiff pay upfront. And who knows maybe you're up against somebody holds a personal grudge and has the pockets in case which case this doesn't protect you. But that's not the norm normal situation. We're talking about the normal situation is somebody going to be looking for a deep-pocketed defended. Now in this situation, the point of personal assets, physical assets personal property is you can own quite a substantial amount of property. And there's not a lot of information of out there about it. And remember that the legal rules of disclosure only applied if you are only apply to you. If you are forced to make legal disclosure, I won't be aware of too. Circumstances in which you can be forced to make a legally legally binding disclosure under penalty of perjury. And that would be something like a bankruptcy filing. So if you are filing for bankruptcy, and you're if you're completing a debtor's examination and those can go together. So in a worst case scenario, somebody sues you, then they win their lawsuit against you. Then they bring you into the court and you're compelled to complete a debtor's examination, which basically means you tell somebody everything that you own everywhere that it is. And you have to do that under the penalty of perjury. And so you don't wanna lie because lying big Bizet potentially a felony potentially send you to prison, which is a bad thing. It's bad for your financial freedom when you're stuck in prison. So we want to be cautious and hope to never get to debtor's examination..