How to "creditor-proof" yourself
One bad decision could destroy years of hard work.
Don't allow this to happen. It isn't bad luck, if you decide to allow yourself to remain vulnerable when you have a choice.
I am not saying that you will never be sued or even sequestrated but these events should not take away everything that you have built up. I have seen so many examples where one bad decision or one unpredictable event (think Covid) destroys a business that has taken years to build. The owner being entirely invested in his/her business and totally reliant on that income is left destitute.
It is possible to retain your house, your car, your furniture, your sentimental treasures ... and your PRIDE ... even as your Creditors circle, sue and try to sell your stuff. It is not easy or quick but it is possible.
Back in the 90's, I was introduced to a book by Peter Carruthers called Crashproof your business. Times change and, of course, the law changes but the fundamental principals that Peter wrote about over 20 years ago remain sound. If you compartmentalize or ring-fence your risk (debt), then any creditor will ever only have access to that "compartment" and every asset that you have transferred to another compartment will be 100% safe.
Sounds easy? Here is where the hard part enters the picture, it is not sufficient to compartmentalize your risk, you must actively manage the compartments that you create.
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