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Hi, so this is a very strange story.
I had A-1 credit about seven years ago, I struggled and did without to pay all my bills on time or early. I ended up having to leave a job because I was being sexually harassed, and tried to pursue a dream. It failed.
I defaulted on every single loan.
I went through a period of essentially being homeless. i paid no bills, and have not paid any bills in probably seven years. I have lived without a bank account all that time. I have not taken out any loans and I do not have any credit cards. I have effectively lived "Off the radar" for nearly a decade. For six years I lived with an elderly couple helping them feed the hungry and the homeless. I worked for room and board, and made almost nothing with them. (Less than $2,000 the entire 6 years)
In my travels, I made a connection with a doctor, who has agreed to carry a loan for some property she owns, about 5 acres of unimproved, vacant land. I will do chores and things for her, she will pay me, and I will pay the mortgage company from that, but she is carrying.
I have at least one judgment against me. For about $7,000.
I am going to be starting a small appliance and tool repair company in Arizona, where the property is located.
To protect me from either the IRS, or my debtors, my mother, who is a paralegal, suggested I set up a trust.
Is this a good idea? Will it protect my land? If I get on my feet I want to settle my debts. But in the mean time I need to know what to do to protect myself before signing the papers.
Is this land better put in a trust?
I had A-1 credit about seven years ago, I struggled and did without to pay all my bills on time or early. I ended up having to leave a job because I was being sexually harassed, and tried to pursue a dream. It failed.
I defaulted on every single loan.
I went through a period of essentially being homeless. i paid no bills, and have not paid any bills in probably seven years. I have lived without a bank account all that time. I have not taken out any loans and I do not have any credit cards. I have effectively lived "Off the radar" for nearly a decade. For six years I lived with an elderly couple helping them feed the hungry and the homeless. I worked for room and board, and made almost nothing with them. (Less than $2,000 the entire 6 years)
In my travels, I made a connection with a doctor, who has agreed to carry a loan for some property she owns, about 5 acres of unimproved, vacant land. I will do chores and things for her, she will pay me, and I will pay the mortgage company from that, but she is carrying.
I have at least one judgment against me. For about $7,000.
I am going to be starting a small appliance and tool repair company in Arizona, where the property is located.
To protect me from either the IRS, or my debtors, my mother, who is a paralegal, suggested I set up a trust.
Is this a good idea? Will it protect my land? If I get on my feet I want to settle my debts. But in the mean time I need to know what to do to protect myself before signing the papers.
Is this land better put in a trust?