Trailer Trusts & Judgement Collection - Posted by Jon B

Posted by Lyal on July 15, 2003 at 19:06:54:

A personal property trust is analagous to a land trust for mobile homes. Serves the same purpose. I have used them at times but not always.
As far as the lien idea. I prefer to act quickly before I get into a situation where a lot of money is at stake. IMHO the time and effort (considerable) expended to collect a few hundred dollars is better used to find more deals.
All the best, Lyal

Trailer Trusts & Judgement Collection - Posted by Jon B

Posted by Jon B on July 15, 2003 at 18:29:51:

Hi all again I was wondering if I could get your expertise once again? I know you can put a house in a land trust to protect you from liability, but is there anything you can do with a trailer? Any form of trusts? Also has anyone here ever placed a lien against someone for lot rent or etc… How do you collect it? Can you actually get bank account freezed & wages garnished?

any help would be appriciated.

A1c Jon B

Re: Trailer Trusts & Judgement Collection - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on July 18, 2003 at 17:03:59:

Re: bank accounts, yes. Re: wages, yes.

You don’t actually freeze the bank account though. You have no right to prevent the account owner from using his remaining money after you grab yours. We say you “attach” the account rather than freezing it. It is done a million times a day, all over the country. Wage garnishment is common to. That’s what collection agencies and collection attorneys do all day long. If you are doing this yourself, without an attorney, you must first locate a bank account with money it it that belongs to the judgment debtor. Oh yeah, did I mention that you must also first have a court judgment before you can even lower the temperature a little of someone’s account or make a grab for their paycheck. Note however that garnishment won’t work if the deadbeat is self-employed. With garnishments, there is usually a certain percentage that you can’t get. That is intended to allow the worker to at least feed his family and promote job stability. If you could get ALL of his wages, why would he continue to work for nothing? He would quit and go look for another job, where hopefully you couldn’t find him, or (as in my case) become self-emplolyed and use Ernest’s techniques to keep you from becoming too familiar with my assets (if any). One special case occurs if a self-employed judgment debtor owns a store-type business that is open to the public. In California you can put a keeper (in uniform replete with police badge, gun, etc. behind the cash register to make change and put ALL of the rest of the incoming money in his pocket (for you, of course). The keepee (party of the dead-beat’s part) isn’t even allowed to touch any of the money coming in from his customers.

Jon, I hope this helps you some. If you have any further debt collection questions just post them here. They should be of interest to others on this board as everyone needs to collect money sometimes, at least if they are making any.

I take it seriously when someone owes me money. I try to put a quick end to such untenable situations. Have a nice day, but first be sure your check is in the mail.

Regards, doc

Re: Trailer Trusts & Judgement Collection - Posted by Ernest Tew

Posted by Ernest Tew on July 16, 2003 at 05:42:57:

Jon, in most states, a land trust won’t protect you from liability when dealing with real estate. Neither will a personal property trust protect you from liability when dealing with mobile homes.

My three years of research when writing the book, “How To Protect Your Assets,” found that a limited-liability company can protect both the managers and the members of the LLC.

However, as with just about any entity, the LLC could lose its assets in the event of a lawsuit.

In my opinion, the protection that a person needs when dealing with the public can be achieved only through a “combination of vehicles.” The best way is to use a “business LLC” for dealing with the public and a “family LLC” to provide a safe haven and make loans to the business LLC.

If you would like to learn more about this, give me a call at (352) 475-1280. Mornings are best.