judgement - proof

[gregwilsonco]

A judgement has been entered against me by the National Arbitration Forum. I realize that this is a sham operation which basically rubber-stamps awards on behalf of the financial services industry. However, until the law is changed, their judgements will hold up in court. I live in Louisiana. My question is: If I eliminate all my assets (i.e. put my home, bank account, and cars in my wife's name, and even assign my 1099 commissions to my wife), does this make me judgement- proof in the eyes of the court? If not, what else can I do to protect my assets? Is my IRA untouchable? Finally, even if I circumvent this judgment, how long does it stay on my credit report?

 

[JohnMacek]

In California the creditor can bring an action for fraudulent conveyance, and move to put all the assets back into your name so the can be levied upon.

 

[lwpat]

The NAF has been successfully challenged in some areas. I suggest that you look up the law in your state and see if there are any precedents. The cases have turned on whether you actually agreed to arbitrate.