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.
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.
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.
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.