Tampa Asset Protection Strategies: Protecting Yourself Against Lawsuits And Creditor Claims

Honest, well-meaning, and otherwise responsible people can find themselves the subject of lawsuits. Perhaps you fell behind in paying a creditor, someone got injured on your property, or you ran into an issue running a business. In these and other situations, you could face legal action or have a judgment issued against you, resulting in the seizure of your property and assets. Our Tampa asset protection attorney explains the legal steps to protect yourself in the event someone takes you to court.

 Facing Lawsuits Or Creditor Claims In Tampa?

Most of us value and obey the law, other than the occasional traffic ticket. While you may not be engaged in criminal activity, there are scenarios in which you could face legal proceedings through the Hillsborough County Civil Court.

You may not have meant to cause anyone harm or to suffer financial losses, but mistakes and errors happen. Unfortunately, you could be held liable through lawsuits and creditors’ claims for reckless behavior or failing to live up to the terms of different contracts. Common examples include:

• You fall behind in making payments to creditors;
• Someone suffers injuries on property you own and accuses you of negligence;
• As a business owner, someone may be injured using your products or suffer financial losses following your professional guidance;
• You are falling behind in business and have violated the terms of vendor contracts or other agreements.

In these or other situations, the other party may take you to court. If facing a lawsuit or creditor claim and the court rules against you, it could result in liens or even seizure of your property and assets.

How To Protect Yourself Against Legal Judgments

There are ways to protect yourself against legal actions and the potential loss of property and assets in a court judgment. However, this typically involves taking certain steps in advance. Once a lawsuit or creditor claim is filed, your options are limited. Our experienced Tampa asset protection attorney recommends the following:

• Have the appropriate insurance coverage: If you are a property or business owner, insurance policies protect you against potential liability.
• Keep your property maintained: Whether you own a residential or commercial property, keep it well-maintained and post warning signs of potential hazards.
• Consider how the property is titled: Under the Florida Statutes, ‘tenants by the entireties’ means each person has an equal ownership share, which can shield the property from lawsuits and creditor claims.
• Consider how your business is titled: As the name implies, a Limited Liability Company reduces your personal risks due to lawsuits and creditor claims against your business.
• Transfer property and assets into a trust: An irrevocable trust can help prevent certain property and assets from being seized.

 Contact Our Tampa Asset Protection Attorney 

Lawsuits and creditor claims can result in lost property and assets. At Strategic Counsel Law Group, L.C., we help protect you against lawsuits and creditor claims. Call or contact our Tampa asset protection attorney online today and request a consultation.

Sources:

hillsclerk.com/court-services/county-civil

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html

dos.fl.gov/sunbiz/start-business/efile/fl-llc/