Haha love it. Bankruptcy is not what many people think. It's filing for the right to not pay back your debts so you can keep your money. Filing for bankruptcy doesn't mean you're throwing up your hands and giving up all your assets and you're just letting the government know. It's a way to avoid financial ruin in exchange for a credit hit, and that's it. Good for him.
I know a guy who uses this strategy. Racks up a ton of debt and makes a ton of money in the process until his debts just barely outweigh his assets and then files like every 5 years. With all that money it's easy to re-build his credit in the meantime. Rinse. Repeat.
I'm not sure where you're getting your information, but it's not correct. You don't just get to keep all your assets and stiff your creditors. If it worked like that, everyone would constantly be filing for bankruptcy.
If you file Chapter 7, you first have to provide a detailed accounting of all your assets, right down to your clothing. The court will sell off your possessions to pay back your creditors. You'll usually get to keep your car and clothing (unless it's very high end and can be sold to consignment stores and such) your personal items that have little monetary value, and some home furnishings and such. The court will then take the proceeds from assets being sold to pay off your creditors. Usually, all of your creditors will be paid back portions of what you owe them, but not the full amount.
If you file Chapter 13 you get to keep your assets, but you still have to pay back your creditors. You just get more time to do so without incurring more penalties or fines for not paying on time. I think, but not entirely sure, that you get to pay a reduced amount of your debt.
Your friend is obviously not declaring all of his cash money and is hiding it from the bankruptcy court. Which is fraud and can get him 20 years in jail, a $250,000 fine, and he will not be able to discharge his debts or file bankruptcy again in the future.
You might want to find a better class of friends. What he does is not the actions of a man of integrity.
I know a guy doesn't mean he's a friend. But bankruptcy is absolutely a solid tool that lets you keep your assets. If Rudy is smart, and being that he's a lawyer I assume he is, like this guy, he'll push most of his assets into LLC's and bypass any concern you just raised. He still controls the LLC's and thus, his assets, they're just not in his name. So when HE files for bankruptcy, only the assets in HIS name, not his LLC's will be under consideration for sell-off which, if he's smart, and he is, will be minimal.
It's not hard, bruh. Your LLC's can also own LLC's. It doesn't take a genius to figure it out. You can easily put things in trusts and create degrees of separation between you and your assets to make sure you never lose them, no matter what any judge tried to pull. Whatever links you may want to post.
Rudy is and will be fine. He chose to do this, remember. And it's not cause he's stupid.
Declaring bankruptcy will not erase the $148 million in damages he owes to the Georgia election workers. Bankruptcy law does not allow for the dissolution of debts that come from a 'willful and malicious injury' inflicted on someone else.
Also, you should go see what's going on with Alex Jones and his bankruptcy. He was trying to get out of paying judgments for defamation lawsuits by declaring bankruptcy as well. It didn't work for him, either.
Or you could go research bankruptcy laws. If you find evidence that says they don't have to pay out for defamation cases, come back and let everyone know.
If we don't hear back from you, I'll take that as you not being able to find such evidence.
Declaring bankruptcy will not erase the $148 million in damages he owes to the Georgia election workers. Bankruptcy law does not allow for the dissolution of debts that come from a 'willful and malicious injury' inflicted on someone else.
I didn’t read the article. Im not familiar with bankruptcy law, I thought a judge would take his assets and divide them up with all his creditors. If he has 500 million in debts, I can’t imagine they would get much.
It usually helps to read the articles linked in the OP and not just look at the headline and assume things. You'll have a somewhat informed opinion if you read the articles.
This is an elite research board, remember? We must look into these things. That's the "research" part of being on an elite research board.
Some creditors are going to get more from the pie than others. It's not split evenly. It depends on what type of debt it is. Unsecured loans, mortgages, credit card debt, etc... There are laws concerning which debts can be discharged during a bankruptcy.
He won't be able to discharge any of the settlements from the defamation lawsuits against him. But they won't be getting the entire sum from their judgments. They'll go back and forth with the lawyers until a settlement is reached.
If you want to see an example of what's going to happen between Guiliani and the people who sued him for defamation, go look at what's going on with Alex Jones and the Sandy Hook parents who sued him. He did the same thing and tried to file for bankruptcy to avoid paying out.
This is a travesty. The DS is trying to pull similar shit in NV by charging the electors that submitted their votes for Trump. All have pled not guilty.
And guess how those lenders make up for their losses from bankruptcy? They pass it along to everyone else with higher fees and higher interest rates.
But the little guy he might owe money to (like anyone doing construction work on his various properties, or services that bill him monthly like landscapers or house cleaners) will most likely never see any payment. They'll just have to eat it. Which is not cool.
And truly, just exactly why was the settlement for the 2 Dem operatives so high? $148,000,000.00! There was no bodily harm! There was no loss of job!
Why, Rudy himself should countersue the jury and the judge and the opposing attorney for more than that because he actually had a reputation to protect from their lies.
Dude needs to learn how to manage his money better. Even before factoring in all the lawsuits and potential lawsuits against him, he was tens of millions of dollars in debt.
I can't even imagine how someone could lose that amount of money. He must have been using 100 dollar bills as toilet paper.
Whatever happened to fiscal responsibility?
I'm sure people will rush to his defense, yet turn around and scold my generation for splurging on Starbucks. 🙄
Well, I had to help my parents when they filed for bankruptcy and sat in their lawyer's office with them for dozens of hours and was the one who cataloged all their assets, so I know a little bit about it.
Could you give me a specific example of being wrong in what I wrote about bankruptcies here, please?
Pretty sure he distributed his assets to his offsprings and relatives before doing this.
You should really hope he didn't do that. Because it's fraud.
"Chapter 7 Transfer Property Rules: The Trustee Recovers Fraudulently Transferred Property
Filers in Chapter 7 who transfer property before bankruptcy should know the Chapter 7 trustee has many powers. One of the trustee's powers is legally "avoiding" or canceling certain transfers, such as the vehicle transfer to your brother. The avoidance allows the trustee to recover the transferred property."
Whatever you have sold or given away in the 2 years before bankruptcy is vulnerable to being seized by the bankruptcy court.
So unless he knew more than two years ago that he was going to get hit with this judgment, he most likely had no reason to start giving away his assets. Whatever he has given away since he was hit with this lawsuit is most likely going to be seized by the court.
Bankruptcy judges aren't stupid. They are well aware of the things people will do to hide their assets from the court. And if the judge thinks you've done that, you're in deep shit.
My parent's lawyer said that the number one way to screw up your bankruptcy is to try to hide assets.
I'm sure they'll have a forensic accountant or two going over all his financial statements from the past 10 years, hunting down how much money he has.
They had one in my parent's bankruptcy, and they weren't anywhere near 500 million dollars in debt.
Just because he's a lawyer doesn't mean he's immune from being fiscally irresponsible. And it doesn't mean he's an expert at all kinds of law. I'm pretty sure he wasn't a bankruptcy lawyer, so while he will know more than a layman, it wouldn't mean he's an expert at bankruptcy law.
Passing the bar doesn't give you superpowers that protect you from bad choices and bankruptcy laws.
I'm not sure how much he's screwing the system, because filing bankruptcy is not going to save him from having to pay out on those defamation lawsuits.
From the article above:
Declaring bankruptcy will not erase the $148 million in damages he owes to the Georgia election workers. Bankruptcy law does not allow for the dissolution of debts that come from a 'willful and malicious injury' inflicted on someone else.
It just bothers me that people are so giddy about someone being that fiscally retarded, and passing his debts onto others, just because they think it will prevent those people from collecting on their lawsuits. It won't.
Haha love it. Bankruptcy is not what many people think. It's filing for the right to not pay back your debts so you can keep your money. Filing for bankruptcy doesn't mean you're throwing up your hands and giving up all your assets and you're just letting the government know. It's a way to avoid financial ruin in exchange for a credit hit, and that's it. Good for him.
I know a guy who uses this strategy. Racks up a ton of debt and makes a ton of money in the process until his debts just barely outweigh his assets and then files like every 5 years. With all that money it's easy to re-build his credit in the meantime. Rinse. Repeat.
Good for Rudy - I hope that's EXACTLY what he's doing! Those Georgia women outplayed themselves - next stop for them - Gitmo.
I'm not sure where you're getting your information, but it's not correct. You don't just get to keep all your assets and stiff your creditors. If it worked like that, everyone would constantly be filing for bankruptcy.
If you file Chapter 7, you first have to provide a detailed accounting of all your assets, right down to your clothing. The court will sell off your possessions to pay back your creditors. You'll usually get to keep your car and clothing (unless it's very high end and can be sold to consignment stores and such) your personal items that have little monetary value, and some home furnishings and such. The court will then take the proceeds from assets being sold to pay off your creditors. Usually, all of your creditors will be paid back portions of what you owe them, but not the full amount.
If you file Chapter 13 you get to keep your assets, but you still have to pay back your creditors. You just get more time to do so without incurring more penalties or fines for not paying on time. I think, but not entirely sure, that you get to pay a reduced amount of your debt.
Your friend is obviously not declaring all of his cash money and is hiding it from the bankruptcy court. Which is fraud and can get him 20 years in jail, a $250,000 fine, and he will not be able to discharge his debts or file bankruptcy again in the future.
You might want to find a better class of friends. What he does is not the actions of a man of integrity.
https://www.nolo.com/legal-encyclopedia/bankruptcy/hiding-assets-property-bankruptcy.html#:~:text=If%20the%20bankruptcy%20trustee%20discovers,it%20will%20deny%20your%20discha
what if his major assets are in a Trust?
I know a guy doesn't mean he's a friend. But bankruptcy is absolutely a solid tool that lets you keep your assets. If Rudy is smart, and being that he's a lawyer I assume he is, like this guy, he'll push most of his assets into LLC's and bypass any concern you just raised. He still controls the LLC's and thus, his assets, they're just not in his name. So when HE files for bankruptcy, only the assets in HIS name, not his LLC's will be under consideration for sell-off which, if he's smart, and he is, will be minimal.
Thanks for the link though.
Putting your assets into an LLC doesn't guarantee your creditors can't get to them in a personal bankruptcy.
https://www.nolo.com/legal-encyclopedia/limited-liability-protection-llcs-a-50-state-guide.html#:~:text=An%20LLC's%20money%20or%20property,ownership%20interest%20in%20an%20LLC.
And bankruptcy judges can also direct the priority of where payments go when doling out the money.
Just look at what happened to Alex Jones when he tried to file for bankruptcy to avoid paying out that Sandy Hook judgement.
It's not hard, bruh. Your LLC's can also own LLC's. It doesn't take a genius to figure it out. You can easily put things in trusts and create degrees of separation between you and your assets to make sure you never lose them, no matter what any judge tried to pull. Whatever links you may want to post.
Rudy is and will be fine. He chose to do this, remember. And it's not cause he's stupid.
Okey dokey
A quote from the article cited above:
Lol oh did the article say that? Oh... those writers are so smart and honest. We should totally listen to them.
Also, you should go see what's going on with Alex Jones and his bankruptcy. He was trying to get out of paying judgments for defamation lawsuits by declaring bankruptcy as well. It didn't work for him, either.
Or you could go research bankruptcy laws. If you find evidence that says they don't have to pay out for defamation cases, come back and let everyone know.
If we don't hear back from you, I'll take that as you not being able to find such evidence.
You didn't have any problems trusting what the article said when you thought it meant he wouldn't have to pay out to those women, did you?
you likely will have a better credit rating soon after bankruptcy discharges all your debts.
Guess the nasty Georgia women who sued him will be crying.
That's from the article above.
I didn’t read the article. Im not familiar with bankruptcy law, I thought a judge would take his assets and divide them up with all his creditors. If he has 500 million in debts, I can’t imagine they would get much.
It usually helps to read the articles linked in the OP and not just look at the headline and assume things. You'll have a somewhat informed opinion if you read the articles.
This is an elite research board, remember? We must look into these things. That's the "research" part of being on an elite research board.
Some creditors are going to get more from the pie than others. It's not split evenly. It depends on what type of debt it is. Unsecured loans, mortgages, credit card debt, etc... There are laws concerning which debts can be discharged during a bankruptcy.
He won't be able to discharge any of the settlements from the defamation lawsuits against him. But they won't be getting the entire sum from their judgments. They'll go back and forth with the lawyers until a settlement is reached.
If you want to see an example of what's going to happen between Guiliani and the people who sued him for defamation, go look at what's going on with Alex Jones and the Sandy Hook parents who sued him. He did the same thing and tried to file for bankruptcy to avoid paying out.
It didn't work.
Not getting the money should be seen as a blessing for them.
Imagine that kinda money in the hood? They'll be safer in Gitmo.
Democrat playbook....run them into bankruptcy to shut them up....
Mossad pays well.
This is a travesty. The DS is trying to pull similar shit in NV by charging the electors that submitted their votes for Trump. All have pled not guilty.
Remember this is a movie.
Thank you friend, cuz my blood pressure was going up
😂 Sounds like more of a problem for the lenders than Rudy
And guess how those lenders make up for their losses from bankruptcy? They pass it along to everyone else with higher fees and higher interest rates.
But the little guy he might owe money to (like anyone doing construction work on his various properties, or services that bill him monthly like landscapers or house cleaners) will most likely never see any payment. They'll just have to eat it. Which is not cool.
Personal bankruptcy, but not moral bankruptcy.
And truly, just exactly why was the settlement for the 2 Dem operatives so high? $148,000,000.00! There was no bodily harm! There was no loss of job!
Why, Rudy himself should countersue the jury and the judge and the opposing attorney for more than that because he actually had a reputation to protect from their lies.
👏👏👏
Dude needs to learn how to manage his money better. Even before factoring in all the lawsuits and potential lawsuits against him, he was tens of millions of dollars in debt.
I can't even imagine how someone could lose that amount of money. He must have been using 100 dollar bills as toilet paper.
Whatever happened to fiscal responsibility?
I'm sure people will rush to his defense, yet turn around and scold my generation for splurging on Starbucks. 🙄
Well, I had to help my parents when they filed for bankruptcy and sat in their lawyer's office with them for dozens of hours and was the one who cataloged all their assets, so I know a little bit about it.
Could you give me a specific example of being wrong in what I wrote about bankruptcies here, please?
You should really hope he didn't do that. Because it's fraud.
"Chapter 7 Transfer Property Rules: The Trustee Recovers Fraudulently Transferred Property Filers in Chapter 7 who transfer property before bankruptcy should know the Chapter 7 trustee has many powers. One of the trustee's powers is legally "avoiding" or canceling certain transfers, such as the vehicle transfer to your brother. The avoidance allows the trustee to recover the transferred property."
https://www.nolo.com/legal-encyclopedia/bankruptcy-trustee-finds-property-transferred.html
Whatever you have sold or given away in the 2 years before bankruptcy is vulnerable to being seized by the bankruptcy court.
So unless he knew more than two years ago that he was going to get hit with this judgment, he most likely had no reason to start giving away his assets. Whatever he has given away since he was hit with this lawsuit is most likely going to be seized by the court.
Bankruptcy judges aren't stupid. They are well aware of the things people will do to hide their assets from the court. And if the judge thinks you've done that, you're in deep shit.
My parent's lawyer said that the number one way to screw up your bankruptcy is to try to hide assets.
I'm sure they'll have a forensic accountant or two going over all his financial statements from the past 10 years, hunting down how much money he has.
They had one in my parent's bankruptcy, and they weren't anywhere near 500 million dollars in debt.
Just because he's a lawyer doesn't mean he's immune from being fiscally irresponsible. And it doesn't mean he's an expert at all kinds of law. I'm pretty sure he wasn't a bankruptcy lawyer, so while he will know more than a layman, it wouldn't mean he's an expert at bankruptcy law.
Passing the bar doesn't give you superpowers that protect you from bad choices and bankruptcy laws.
I'm not sure how much he's screwing the system, because filing bankruptcy is not going to save him from having to pay out on those defamation lawsuits.
From the article above:
It just bothers me that people are so giddy about someone being that fiscally retarded, and passing his debts onto others, just because they think it will prevent those people from collecting on their lawsuits. It won't.
Moves and counter moves
Lol you're clueless., go back to reddit r/soy
OK Vax addict
https://boriquagato.substack.com/p/the-process-is-the-punishment