Breach of Contract and Asset Protection

Today, I met with a business owner and he may have a breach of contract lawsuit, which may get filed against him. Like many business owners, this business owner signed a contract in his personal name and business name. Thus, now, this contract may get litigated by one of the parties and unfortunately, this business owner has $200,000 in equity in his home. His wife and him own their own home worth around $400,000 with $200,000 in mortgage. Therefore, this business owner has $200,000 in equity.

If the plaintiff sues him and his business, the plaintiff will likely place a lien against his home and possibly, foreclose his home if the judgment is not paid. A key point to remember is that business owners should be concerned about asset protection prior to any lawsuits. In the above example, a private land trust titled as tenants by entirety with his spouse could prevent liens and judgments from attaching to their home.

The Robertson Law Group, LLC concentrates in representing business owners with their breach of contract litigation needs and asset protection needs. We can be reached at 312-498-6080 or 63-364-2318. Or, email us at RobertsonLawGroup@gmail.com or check out www.RobertsonLawGroup.com.

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