judgment-proof

judgment-proof

Having no assets out of which a judgment may be satisfied. In some states, a judgment debtor may have substantial assets, but they are legally beyond the reach of creditors. In other states, judgments can remain liens against property for as long as 20 years.Today's judgment-proof debtor may be wealthy in 5 or 10 years and have assets that can be seized at that time.
References in periodicals archive ?
Instead, the beneficiaries of the Swaffar Trust, Sandra Carol Swaffar and her daughters, Ashley Brook Swaffar and Rhonda Swaffar, discovered that Henry used the money to pay off his home in an attempt to make himself judgment-proof.
However, when it is their turn to answer for their wrongs, they further exploit the Courts' apparent inability to handle cases by using every trick to delay their victims' right to justice, while making themselves judgment-proof before a jury renders a judgment against them, once again outsmarting the legal system that they have abused for years.
Brafman said that even if Diallo wins her lawsuit, his client is 'virtually judgment-proof, because he has no real wealth.
asset-segregation does not completely judgment-proof a business, because
However, the former employee generally is judgment-proof, and once the trade secret is publicly disclosed it is no longer a trade secret and anyone can practice the technology.
Particularly, perhaps, where the settling defendant is shallow-pocketed or judgment-proof, and the defendant who's reluctant to settle happens to have a deep pocket.
Chapter 10 extends the previous analysis to consider, among other things, the problem of proving negligence, the judgment-proof problem, and vicarious liability.
An adverse effect of the (misplaced) prominence given the Rousey decision is the false impression that casual readers may take away that asset protection is a "silver bullet" game, in which use of a particular "commodity" technique renders a debtor judgment-proof.
failing to inform voters of the risks of abrogation of joint and several liability for economic damages (Nevada already abrogates joint and several liability for noneconomic damages, which imposes on the injured plaintiff the risk of nonpayment by a defendant who is judgment-proof or does not have adequate insurance).
37) This should enhance deterrence and reduce wrongdoing relative to agent-only liability, especially when agents are judgment-proof.
The author also mentions how to deal with geographical differences between debtor and creditor, how to collect from a hardcore judgment-proof debtor and how to establish your own in-house collection agency.
I will refer to this judgment-proof Exxon as "Zero-Asset Exxon.