How long does a default judgment last?

How long does a default judgment last?

Judgment debts can be enforced for 12 years after the date of the judgment in NSW. Generally, you should seek legal advice before seeking to enforce a judgment debt.

What happens when a default Judgement is entered?

What happens once default judgment is given? Once a default judgment is obtained, a party can commence enforcement action against you – this can include the sheriff seizing your personal property, bankruptcy or obtaining an order to sell your house.

How can I hide my assets?

For your personal assets, such as your home you can hide your ownership in a land trust; and your cars you can hide in title holding trusts. These documents can keep your association with these items out of the public records.

Can money in a trust be taken in a lawsuit?

A revocable trust will not protect your assets because your creditors can step into your shoes and revoke your trust. For example, assets titled to your revocable living trust are vulnerable to your present and future lawsuits. Nevertheless, a living trust will help you avoid probate.

Do you sue the trust or the trustee?

Generally, the trustee is personally liable for its acts and omissions as trustee, including ordinary trading debts incurred. As the trustee is the one exercising legal rights on behalf of the trust, it is legally responsible for unpaid liabilities.

What are the disadvantages of a trust?

The major disadvantages that are associated with trusts are their perceived irrevocability, the loss of control over assets that are put into trust and their costs. In fact trusts can be made revocable, but this generally has negative consequences in respect of tax, estate duty, asset protection and stamp duty.