… bankruptcy doesn’t protect enough of their assets, so what do they do? They engage in secret asset transfers to hide assets before filing bankruptcy–a huge mistake. If a debtor transfers an asset to someone and then retains secret control or a beneficial interest in the asset once he/she files for bankruptcy their bankruptcy discharge could be denied.

Usually, what occurs is that a debtor transfers a house or some cash to a friend or relative for “safe” keeping while they file …

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… or after your bankruptcy please discuss with your bankruptcy attorney, how you can protect this asset.

Tags: Asset bankruptcy law

… credit markets recover.  One program that the Fed used to get credit flowing again is the Term Asset-Backed Securities Loan Facility, or TALF.  Now, many people are concerned as to whether or not the credit markets will be able to stand on their own at the end of December, because that is when the program is set to expire.

The current program is allowing the Fed to make loans available to investors for the purchase of asset backed securities, otherwise known as ABS.  Asset backed …

Tags: Asset-backed security Federal Reserve System Financial services TALF Term Asset-Backed Securities Loan Facility

If you are low or no-asset debtor, it is unlikely that you will need to pay any money to your creditors or be required to liquidate any of your assets.  Because of the bankruptcy codes’ generous exemptions system, many Chapter 7 bankruptcy debtors are able to protect all of their assets from seizure during bankruptcy. Because of bankruptcy exemptions, most Chapter 7 bankruptcy debtors are able to protect their …

If you are low or no-asset debtor, it is unlikely that you will need to pay any money to your creditors or be required to liquidate any of your assets.  Because of the bankruptcy codes’ generous exemptions system, many Chapter 7 bankruptcy debtors are able to protect all of their assets from seizure during bankruptcy. Because of bankruptcy exemptions, most Chapter 7 bankruptcy debtors are able to protect their …

General Growth struck a deal with Canada’s Brookfield Asset Management that will help the company exit Chapter 11 quickly.

 

Last April, General Growth made headlines for being part of the largest real estate bankruptcy case in U.S. History.  General Growth is the second-largest shopping mall operator in the nation, so that’s why it owns so much real estate.  The company owns or operates 200 malls in 44 states across the country.  The …

… bankruptcy, they fail to repay their student loan, they could face wage garnishments and other asset seizures by their student loan lender.  Debtors filing bankruptcy who have student loans must make sure they have a solid plan for repaying their student loans if they want to avoid new credit problems after bankruptcy.

… keep their indebtedness a secret are more likely to face foreclosure, creditor lawsuits and even asset seizures long before they seek the help of bankruptcy.  And even when they do seek bankruptcy many are likely to have lost some of their most important assets already.

The bottom line is that when a debtor decides to keep their debt troubles hidden, they often lose out on opportunities to get help.  If you are facing a debt crisis, don’t keep it a secret; consider your bankruptcy …

… the bankruptcy court will consider all transfers made in the year prior to filing bankruptcy.  Asset transfers that are made “below value” will receive special scrutiny by the bankruptcy court.  For example, selling your $100,000 home to a parent for $200 would raise suspicions as to whether the asset transfer was made with the sole intention of manipulating the bankruptcy system.

There are certain exchanges that are not covered by this part of the bankruptcy code.  For example, …

… that the bankruptcy court won’t find out about it.  The truth is that every property and/or asset leaves a paper trail, even cash.  So if you have hidden cash someplace and you’re living a $100,000 lifestyle on $50,000, the bankruptcy court may become suspicious as to where all that extra money is coming from especially if it’s not accounted for in your incurred debt.

Some dishonest debtors may hide real estate property by transferring the property to relatives or friends before …

… the property, as opposed to the corporate parent.

The company is also considering Brookfield Asset Management as a possible financial banker for its Chapter 11 bankruptcy reorganization but that investor is hotly contested by some creditors.  Bankruptcy judge Allan Gropper plans to take testimony from creditors who objected to the Brookfield deal and is currently considering whether he will allow the company to have exclusive control over its Chapter 11 bankruptcy for an additional six …

… decreased, sometimes more than 30 percent.  These homeowners are faced with no income, a sinking asset and the possibility of a future foreclosure if they are unable to sell in time. Fortunately, bankruptcy can allow them to do a “voluntary foreclosure” or “short sale” while avoiding the pitfalls of a deficiency with the mortgage company or the burden of paying taxes on forgiven debt.