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Warpy

(114,620 posts)

7. It can get very bad if the court thinks assets were hidden

Reply to cynatnite (Original post)

Fri Jun 15, 2012, 04:51 PM

Jun 2012

to make bankruptcy easier. It can get especially bad when those hidden assets were milked for cash.

The bank statements will be subpoenaed.

I echo the advice to get a lawyer. Your relative will need one.

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How bad can this get? [View all] cynatnite Jun 2012 OP

Wow. I'm not a lawyer, but I've researched bankruptcy, and that doesn't sound right at all. progressivebydesign Jun 2012 #1

It almost sounds like money-laundering. Blue_In_AK Jun 2012 #2

I was thinking it was a way of hiding assets and still making money off of them. n/t cynatnite Jun 2012 #4

Big corporations can bankrupt and walk away clean and free SoutherDem Jun 2012 #3

When I filed for bankruptcy it was legitimate for them to ask for all assets lunatica Jun 2012 #5

sounds like there may have been some fraudulent conveyance going on. unblock Jun 2012 #6

It can get very bad if the court thinks assets were hidden Warpy Jun 2012 #7