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Attempting to hide assets from creditors (con’t)

Today’s example of how some people attempt to hide their assets is a Real Estate Trust.  Some debtors legitimately cannot pay their debts.  The law provides the bankruptcy process to help protect them.   Our goal is when a debtor actually has assets but makes deliberate attempts to hide their assets to avoid paying their debt or a New York Judgement.  These are the focus of this series.  We will find you.  We have awesome tools and have been searching for hidden assets much longer than the typical debtor has been hiding them.

The Real Estate Trust

Some people will use real estate trusts to hide real estate by naming himself/herself, a close friend, a spouse or a family member as the trustee. The debtor is trusting that the named trustee will return the money at a later date. When this trustee obtains mortgage loans for the property through the trust, it becomes almost impossible to pin the property on the person in question through a records search. Some states allow for all assets to be placed in a real estate trust and for someone else to be named as trustee. In these cases, the real estate trust is ideal in hiding assets because the trustee is not cross-referenced with the debtor. Other states require that anyone with beneficial interests be named. Many states require a lot of paperwork that make real estate trusts a much worse method of choice for hiding assets. In about half of the local jurisdictions, this paperwork cross-references the trustees and the trust’s name making the search must easier to revealing concealed assets. Look at the court’s information on mortgage loans, deeds, and trusts to start your search.

Taroff Taitz, LLP is aggressive when it comes to collecting debt, especially against an NY Judgment.  A fraudulent transfer into a Trust Fund can be accessible to a creditors rights attorney.

Contact us today to see how we can begin collecting the money owed to you.

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