Here is how to lose assets in bankruptcy; this article makes it pretty clear. As Bill Singer for Forbes reports in this article, the elderly couple decided they were going to hide their Rolls-Royce Phantom V and Bentley Flying Spur, the Wife’s 15 and 27 carat diamond rings by transferring them, along with their home, to an offshore Belize trust. Additionally, they “ran” money through the account paying on the cars and buying gold.
Hiding and transferring assets is how to lose assets in bankruptcy. Want to commit bankruptcy fraud and lose all of your precious assets? Do exactly what these folks did. It is so stupid to think that you can hide those types of assets from your creditors. This couple likely owed A LOT OF MONEY to A LOT OF CREDITORS. When you owe a lot of money, your creditors will do research. They WILL search public property records and public motor vehicle records. They will search your loan applications for disclosures of income and assets. They will talk to your neighbors and buddies at the country club. they have the money and the resources to pay someone to dig in your finances. They depose you under oath and ask about where all those assets went?
The really sad part is he is 87 and she is 62. Both are beyond retirement age. So it’s sad that they decided to trade off living their rest of their limited lives debt free with trying to keep all of those assets that you won’t be keeping when your dead. There is more to life than having the most stuff.
Bankruptcy is about a fresh start. Yes, some people may have to give up some of their stuff to get out of debt. But it’s a trade off that I think most people are willing to make. Going to federal prison for the rest of your life just is not worth it. So you want to know how to lose assets in bankruptcy? Google search the Mastro’s in Seattle, Washington and read about their case.
We strongly urge you, that if you need to protect assets in bankruptcy, this is not a road you want to travel alone. You need the assistance and advice of experienced bankruptcy counsel to walk through the consequences of your decisions to save assets in bankruptcy.
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