Property Protection

Individuals and businesses typically seek recourse from the law to protect their properties from the reach of creditors or, in cases of divorce, former spouses. Property protection law provides for a legal mechanism by which properties are protected so that they remain in the hands of the asset-holder, instead of creditors, without violating other aspects of the law. In the area of debtor-creditor law, asset protection serves the debtors as debt collection serves as the creditors.

Property protection law identifies exempt assets, which cannot be clawed by creditors. These assets include household furniture, clothing, or jewelry. These assets could also include, in some states, life insurance benefits, and annuities. Federal legislation also identifies as exempt qualified retirements plans, including pension plans, 401(k) plans, and employee stock ownership plans. State laws on exempt assets varies, but the general rules is assets to which one does not have legal title cannot be reached by creditors.

There are numerous ways to protect assets and one way is to transfer assets to another person or another entity. The law allows individuals to transfer their properties to another person, to a trust, to a limited liability corporation, or to a family limited partnership. The transfer of properties to any of these entities require legal documentation, which is best drafted by an expert property protection law attorney. There are also legal requirements as to the creation of trusts, LLCs and FLPs, so prior to any transfer, it should be ensured that these entities were created in accordance with the law, or else, the transfer may be deemed fraudulent and invalid, giving creditors the right to grab these properties.

The process of protecting one's property should not be utilized as a result of a current situation, such as insolvency or divorce. Asset protection should be planned as a crucial part of one's life and prior to the occurrence of any of these situations as the law also protects creditors from fraudulent acts of debtors. The process of property protection involves the drafting of numerous legal documents, depending on the number of properties and assets. The drafting of these legal documents must be carried out with the assistance of expert attorneys as the language of these documents should be clear and specific, such that they won't be subjected to burdensome disputes in the future. Moreover, because law on property protection varies, there are requirements that must be complied with and property protection law attorneys would know best what to do.

Property protection law touches upon numerous other branches of the law. In instances of insolvency, individuals and corporations should be careful when trying to transfer their assets prior to filing for bankruptcy. The Bankruptcy Code provides for a time period by which preferential or fraudulent transfers can be clawed back to the estates for distribution to creditors. It is not uncommon for debtors to, prior to the filing for bankruptcy, conceal assets so that they cannot be sequestered by creditors. This is not illegal if done before the claw back period, which is usually one year prior to the filing date to 90 days prior to the filing date. It is also not uncommon for property owners to hide assets to try to pay lower taxes. Tax evasion is a criminal offense and may result to serious repercussions, such as imprisonment.

Areas of Law

Transportation Law - Legal Information and Resources

Transportation

Transportation law governs the transportation system in the United States, including motor cycles, motor vehicles, trucks, railways, helicopters, and airplanes, and the infrastructure that supports the transportation system. Transportation law governs the mode of transportation and the transportation industry. It is an area of law that encompasses numerous other areas of law, such as trade law.

Transportation law is comprised of federal and state legislation. Transportation, however, is within the authority of the U.S. Congress by virtue of its mandate to regulate interstate and foreign commerce. The U.S. Department of Transportation is the primary federal agency that sets policies the American transportation system. Rules and regulation The Federal Aviation Administration governs the aviation industry. Policies from the FAA range from protecting flyers, cargo in air crafts, air traffic, airport and air carrier maintenance, pilots' and flight attendants' labor issues, and ticketing issues. The Federal Railroad Administration governs the railway industry. In the United States, railroads are used more for transporting goods, usually gas and oil, rather than people, and the FRA issues policies that focus on the safety of railroads to avoid fatal derailments. The National Transportation Safety Board also provides guidelines and investigates mass transit accidents. States pass their own rules and regulations regarding transportation that are in line with federal rules and regulations and create administrative agencies in concerted efforts with the federal government to ensure safety in the transportation system. The Occupational Safety and Health Administration governs longshoring and maritime industry safety and health standards. Other workers' law ensure that workers in the transportation industry are granted the same benefits.

Transportation law ranges from compliance to manufacturing standards, licensing and registration vehicles, and regulation of cargo in both land and air travel. The bulk of the work of transportation law attorneys lies in making sure companies are in compliance with regulations as non-compliance will result to penalties. With respect to companies providing transportation services, they are required that their vehicles adhere to standards imposed by the law and the vehicles are well maintained so that no untowardly accidents will happen while the vehicle is in transit. Accidents relating to the transportation of goods, especially when the commodity is hazardous or dangerous, is not uncommon. An accident involving a train carrying crude oil in July 2013 wiped out a portion of a town in Quebec, killed more than 40 people, resulted to numerous lawsuits, filed by the victims against possible responsible parties, and possible responsible parties against each other and against government agencies. The fatal train derailment pushed the railway company to bankruptcy. It is this kind of situations that companies aim to avoid, such that they retain transportation law attorneys to, foremost, ensure they are in compliance with the law, and defend them at the time when accidents happen.

Transportation by land and air is the most common mode of transportation in the United States. Making sure roads are safe and companies are in compliance with the law ensures that transportation will continue to contribute to the economic development of the country.

Areas of Law