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.
Based on your experience, you know about bankruptcy so much more than I do. But again, Rudy has decades of experience in law, he knows so much more than us. That's all I can say. When it comes to millions of dollars, they play so many games that we can't comprehend.
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.
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.
Based on your experience, you know about bankruptcy so much more than I do. But again, Rudy has decades of experience in law, he knows so much more than us. That's all I can say. When it comes to millions of dollars, they play so many games that we can't comprehend.
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.