Creditors Locating Your Bank Account

[jacko]

or you could set up a Roth IRA and view as short term savings. You can make tax free withdraws after 5 years of a deposit.

I like it! And that other thread about how the rich protect assets is very interesting. This is helpful not only to my friend but perhaps to me, too.

One thought, though. If you have salary directly deposited into a Cayman Islands account, could they not find out through employer records? Or, would it make no difference if they did?

Now that we've got assets covered, are there any ways to stop wages being garnished?

Also, what portion of wages are up for garnishment in each state?

[spearmint]

I like it! And that other thread about how the rich protect assets is very interesting. This is helpful not only to my friend but perhaps to me, too.

One thought, though. If you have salary directly deposited into a Cayman Islands account, could they not find out through employer records? Or, would it make no difference if they did?

Now that we've got assets covered, are there any ways to stop wages being garnished?

Also, what portion of wages are up for garnishment in each state?

I clicked on the Cayman link - they are recommending use of their Swiss Private Bank instead.

[toonces06]

The only way to not have wages garnished with any sense of legality (aside from having your employer pay you under the table, not legal) is this...But, Note, this option only works in very limited number of fields because of IRS regulations.

1. Debtor sets up an LLC.
2. Debtor's LLC contracts with the employer.
3. Employer pays LLC
4. Debtor pays himself through the LLC.

How does non-cash compensation work in this situation? IE, if an employer granted stock as commissions, can the stock go to the LLC too?

However, 99% of the time, these steps are NOT necessary. 99% of the people that would even consider such moves should simply file BK, far more cost effective in the long run and way less stressful.

This may be the understatement of the year. Heh.