Quote:
Originally posted by UCFPhiDelt
I don't like the idea but it would make a strong point to all of us, if a judgment of this type occurs. Even a "small" $5 million dollar verdict would cut to the bone. The question to me is not if it will happen, but when.
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? for any JDs or CPAs out there.
Can the national orgs set up their assets so they are protected from potential lawsuits? ABC Fraternity Inc could set up the
ABC Education Foundation.
Examples.
1. When OJ lost his civil trial the Brown family didn't get any cash because most of OJ's assets were in his pension fund. Pension funds are protected.
2. When people declare bankruptcy their primary residence is protected. The debtor might owe 1 million but the creditor can't go after a 20 million dollar house because a primary residence is exempt.