American Towman Magazine - August 2022

Page 52

Case Closed

Cover Me!

How to Protect Your Assets By Larry Oxenham

Larry Oxenham is a senior advisor with the American Society for Asset Protection and is one of America’s top asset protection experts.


ne of the keys to learning how to protect your business and personal assets from lawsuits is to understand how they work. The proceedings of a lawsuit can be broken into six simple steps. Step 1. Injury or Loss: The beginning of a lawsuit is an injury or loss of some kind. Step 2. Finding a Defendant(s) Who Can Pay: Most lawsuits are handled by lawyers on a contingency basis, so one of the first things they do before accepting a case is to perform an asset search to see if the defendant would be worth pursuing. Attorneys search for a candidate with substantial personal and business

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An attorney will search for a deep-pocketed defendant and a theory of liability that can be developed against him or her, showing why that defendant should be

held responsible.