How can i protect my real estate assets from breach of contract lawsuit?

It is extremely important that you inmediately take action and contact an asset protection attorney. If you have not been notified yet, there is a chance that a sound asset protection plan may help you. Regardless of your current issue, you should consider this kind of planning to avoid that liabilities caused by your one of your properties put at risk the other properties and your personal liquid assets. The setup I would recommend is the combination of one or several LLC's with an entity that is specifically designed for asset protection purposes, such as an asset management limited partnership that is filed in a state with strong charging order rules and a legislative history as AZ.

In addition to Mr. Lodmell's response. You will also qualify for a Chapter 13 bankruptcy, which will allow you to create a 3 or 5 year payment plan and will allow you to keep all of your assets. The business, on the other hand, can file for a Chapter 7 liquidation, and discharge any debts owned solely by the LLC.

You can consider putting your assets in an LLC, but it's important for the attorney to know whether a lawsuit has been filed against you already. It sounds like it has. In that case, you probably won't be safe moving ownership of assets after the suit is already filed. The opposing party only has to petition that the property is fair game and the transaction should be reversed. You can't jump into a Chapter 13 without the attorney knowing what your assets, income, and debts look like. Just because you file a Chapter 13 doesn't mean it will help. No one is helped if you file a bankruptcy, then can't make the payments, and end up with a bankruptcy on your record with nothing to show for it. I am in Marietta GA. Why don't you consider taking a phone meeting with my firm. The DiGiulio Law Firm, LLC. 770-309-9551

Other than filing for bankruptcy protection, there is little, if anything, you can do to avoid liability regarding the lease since you personally guaranteed it and there is already an issue of collection. In other words, it would be fraud if you transferred all of your personal assets to avoid the rent obligations. Your best course of action is to retain an attorney and negotiate a termination of the lease. However, there are other ways to protect your personal assets moving forward, such as putting each of your properties in a separate limited liability company.

You need an attorney and you need him yesterday. In some cases bankruptcy may be a good option and I'd have to see the numbers. Feel free to call me at 404-768-3509 for an appointment.