Any judgment entered against you in a civil suit can create a major financial hurdle. The assets you’ve built over the course of your life and career may become vulnerable, as they could be seized by the judgment creditor. To protect your assets and financial well-being, it may be in your best interest to hire a civil defense attorney.

The attorneys at the Law Office of W. Randall Holcomb in Greensboro, NC, explain some of the details of asset protection in civil defense law.

How Are My Assets Affected By A Civil Judgment?

In many ways, a monetary judgment against you is legally similar to a debt owed. However, a judgment creditor determined to collect on a judgment is often able to take steps such as taking possession of your property or seizing your bank accounts. Your assets are at significant risk if you lose a civil suit but in most cases, an experienced attorney can still help you defend you or your business, even after judgment has been entered. It is important to remember that you still have substantial rights as a judgment debtor, and in some cases, the party obtaining judgment against you may not be able to collect anything at all. 

When Is the Best Time To Protect My Assets?

The most effective method is to take steps to protect your assets before you become involved in any dispute that might put them at risk. Waiting until after a civil suit has been initiated to protect your financial wellbeing is not recommended. A court may examine your financial transactions leading up to a judgment entered against you and action against transfers deemed to be fraudulent. For this reason, the smartest choice may be to talk to a civil defense lawyer experienced in asset protection.

What Steps Can My Civil Defense Lawyer Take To Protect My Assets?

Depending on the laws of the state you are in, certain types of assets enjoy protection from seizure due to civil judgments. A civil defense attorney skilled in asset protection will be able to help you recognize which of your assets can be exempted as falling under one of these protected categories. Your attorney will be able to identify which laws can work toward your benefit and help steer your hard-earned wealth to safety. 

If you live in or around Greensboro, NC, and are facing a judgment or simply want to discuss protecting your assets as a precaution, seek out the Law Office of W. Randall Holcomb, PLLC. Their team is experienced in financial issues such as business law and foreclosure defense, in addition to civil defense. Call today at (336) 888-8760 to schedule a consultation with an attorney who can help you, or visit their website for more information.