Tag Archives: washington dc bankruptcy attorney

What Happens If You Hide Assets During Bankruptcy?

Hiding assets during bankruptcy is an easy way to end up behind bars. Anyone considering hiding assets should look up a recent example of Joe and Teresa Guidice, who received prison sentences for concealing assets and engaging in fraud before and during their bankruptcy filing.  The reality of the matter is that bankruptcy is a means of ridding yourself of debt legally and legitimately. How Do People Hide Assets? One common method is the hiding of assets by giving or selling them to friends or family. This is illegal. Courts and lawyers are aware of this practice as it seems like it may be a clever way to bypass the law, because you will no longer be in possession of the assets you’ve given away. However, this willful giving away of assets to friends or family to avoid potentially losing assets to a creditor is considered a fraudulent transactions requiring…
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How Does Chapter 11 Bankruptcy Help Businesses?

Washington DC Bankruptcy Attorney Examines an Unusual Case Bankruptcy is a procedure in which consumers or businesses can repay some or all of their debt on a reasonable plan, and in some cases, eliminate their debt entirely. Declaring bankruptcy guarantees the safety of your belongings, protecting you against the actions of any creditors you may have. For business owners, the most common form of reorganization bankruptcy is Chapter 11, which is a complicated process. Those planning to file this kind of bankruptcy are strongly encouraged to hire an experienced bankruptcy attorney. An Attempt to File For Chapter 11 Bankruptcy Gone Awry Dean Smothers, owner of a Washington DC nightclub called Love, recently had his venue shuttered by the DC Office of Tax Revenue (OTR) after a bewildering series of twists and turns. For several years, Smothers turned hefty profits. At some point, however, the impresario fell behind on taxes, plunging…
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Avoiding the Worst Credit Cards and Options from Alternative Credit Sources

After filing for a Chapter 7 or Chapter 13 bankruptcy, many people are surprised to find that they will still receive credit card offers from their banks or through the mail. Although this is a good sign that you may be able to repair your credit, it is vital that bankruptcy consumers know how to find the best deals on credit products before signing up for a new card. In the months immediately after filing for bankruptcy, a person must act with extreme caution when it comes to his or her available credit card options. Finding the right credit card for your situation will allow you to restart your life on a strong financial footing after bankruptcy. Avoiding Unfair Credit Cards A common way to rebuild your credit after bankruptcy is using a “secured” credit card. Secured cards operate much like regular credit cards, except these cards require you to…
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