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We are finishing up our brief introduction to the types of property, as a point of reference for understanding how debtors will attempt to hide assets to avoid debt collection.  Today’s brief description is Real Property.

Real Property

Tangible assets are items that a business or individual person possesses that has some value. Examples of tangible assets can include bank accounts, bonds, inventory, cars, stocks, computers, shares, and insurance policies with a cash value. The courts believe that ownership relies on determining possession. Sales receipts and canceled checks can prove ownership for most property. For items that are licensed (like different types of transportation vehicles) the registration and name on the title determine ownership.

Taroff & Taitz is Long Island’s premier debt collection attorney.  We represent creditors in many actions, from debt collection to bankruptcy.   Call today if you are having issues with debtors hiding assets, or for any other matter in which your rights as a creditor are being infringed on.

 

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