Asset Protection

WATCH YOUR LOAN APPLICATIONS

Creditors who investigate assets will review earlier loan applications that may irrefutably highlight assets presently or previously owned. Loan applicants oftentimes exaggerate assets on loan applications in order to improve their chances for a loan approval.

What loan applications have you recently issued? What assets are listed? What assets were transferred or do you now intend to transfer? Retrace every step! Incorrect or misleading statements on a credit or loan application must be corrected. An example is real estate listed as a personal asset when you are only the trustee of a trust that owns real estate.

You cannot easily disclaim ownership to assets you once claimed to own on your loan application. So think ahead; your loan applications can damage you later. Tip: Never apply for a loan or credit if you ever remotely anticipate future creditor problems. What you say today may well return to haunt you tomorrow.