Q1. What is the purpose of the Asset Security Program?
A1. To provide a financial shield which will protect your income, assets, and bank accounts from your creditors.
Q2. Will this protect me from all my creditors?
A2. No, only unsecured ones, such as your credit card companies, banks, and bill collectors for such things as credit cards, unsecured signature loans, hospital and doctor bills, deficiency judgments, old residence lease payments, etc.
Q3. How does the program work? Is there a lot of work for me to do?
A3. Upon entering the program, you will exchange a few emails which establish a solid and auditable paper trail. These emails set the stage as evidence for the program. That is the extent of your involvement. The law firm handles everything else. Following this, which may take a few days at the most, the firm will file a lien against you.
Q4. If I have a lien against me, won’t that show up in my credit file?
A4. Yes, it will. That is the financial shield. The most important point to understand is that the lien we put in place for
you must occupy the first position, called the Superior Position. The person or entity occupying that position is
literally in charge. Any and all others (other than the government) must wait in line before they can take any actions.
This includes garnishment of wages, attachment of accounts, or seizing of properties.
Q5. What if I already have a judgment against me? Will this still protect me?
A5. Possibly, but not in all cases. If, for example, a credit card company has sued you and won, there is probably little we
can do to protect you from that creditor. However, you may owe on more credit cards than that one. Our protection
can shield you from them. There may be situations where we can shield you from existing suits. We will need to see
all your documents to make a determination.
Q6. Does it matter how much I owe or how many credit cards I have?
A6. Our fees are not based on how much you owe or how many credit cards you have. It is based on how many
individuals need protection.
Q7. Is this similar to bankruptcy?
A7. In October, 2005, there was a bankruptcy reform bill that went into effect. That bill changed the face of bankruptcy
considerably. Chapter 7 bankruptcy, which is what most people used to be able to get out from under their unsecured
debt load, suddenly became much more difficult to qualify for. Unless one is destitute with few prospects, they will
probably be forced into Chapter 13. That will require you to attend a credit counseling class, go through a “means
test” in which a determination will be made as to what percentage of your debts you will still be responsible for. This
percentage can run as high as 60% or 65%. Your income will then be the property of the court. A referee will be
assigned to dole out your money depending on certain criteria. You will be left with a portion of that amount to cover
your basic living expenses. This court appointed officer will be in control of your income until your debts are satisfied.
The Asset Security Program enables you to avoid bankruptcy. There will be no “means test”, no court appointed
officer, and no payment plans to worry about. You will be shielded from your creditors, you will remain in charge and
in control of your income and assets.
Q8. How is this financial shield put in place and how will I be in control of it?
A8. Once the initial emails are exchanged, the law firm will file appropriate papers with your state’s Secretary of State.
This puts the shield in place. You will have in hand the documents you need to remove the lien at your will. You may
keep it in place as long as it is needed. As the lien which is put in place shows that you have an obligation to someone
else, a consideration is what happens if the party in whose favor the lien exists should attempt to collect or cause a
problem. You are totally safeguarded by having the Mutual Release documents in hand. You maintain control at all
times.
Q9. How long does it take to put the shield in place?
A9. Generally the lien can be perfected within 30 days or less. There may be unique circumstances which require
additional time but this is unusual. A delay will not affect the cost or outcome of the Program.
Q10. Are there tax implications to the Asset Security Program?
A10. The Asset Security Program is not based on a financial obligation. If it were, should you release the lien, you
would be liable for income taxes on the imputed income of debt relief. In our program, the obligation is based on
the transference of a value other than money. Releasing the lien will not cause any tax liability.
