Garnishments and starting a new business

[unsecured]

I have a county clerk stamped letter telling me AMEX will be trying to garnish my wages and tax refunds (good luck I haven't worked since 2007 and had to pay taxes), anyways,,,,,

I have a Employer Identification Number from the IRS, if this new business (LLC and sole proprietor) gets off the ground can this garnishment get into the LLC ?

[unsecured]

thanks for the reply...that is what I was afraid of

[franken55406]

How are they going to know that you have a LLC. The CA's have to do a asset search and would be hard to find if you have a LLC especially under business name.

I was advised to open a LLC once I start trading to hide cash assets in case a guest I had over trips on my out side steps after being served alcohol.

[franken55406]

I was advised to set up new brokerage accounts under the LLC which would entail using the business name identified by the IRS tax number. That way a over eager lawyer doing a asset search under your name will not see your LLC with dough in it..

[franken55406]

I am not going to set up a LLC until I am discharged from a BK.

The LLC will have a business name such as 'XYZ Forex, LLC" Also doing it to qualify for a lower capital gains tax rate and be eligible to put a lot of the gains into a retirement account tax deferred.