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."
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:
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.
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.
That's from the article above.
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.
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?
So...cancel culture?
Except those are billions of our tax dollars he scammed them out of.
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. 🙄
A quote from the article cited 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.
Okey dokey
Putting your assets into an LLC doesn't guarantee your creditors can't get to them in a personal bankruptcy.
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.
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.
Could you give the names and location of these stores, please?
What about Biblical?
You really think them being inconvenienced for 10 days will change them when being locked down for over a year because of Covid didn't?
Well damn, that's one hell of a plan, and so simple, too!
Why didn't he just do that during his first term in office?
Looking at those numbers, what would you say the likelihood was of the US having a complete collapse of our financial system and replaced with the gold standard and then having the economy totally recover within 4 years would be?
How does that tie in with the idea that the collapse of our financial system is a tactic to wake up the normies? I've long seen people here say that the only way that normies are going to wake up is for them to suffer through the collapse.
Read through the comments on this forum. You'll find plenty.
But you don't really care, do you? Even if I combed through this place and pulled up hundreds of threads showing examples, it wouldn't matter, would it?
You don't care about the evidence, you're just deflecting from you not having anything better to say to my post.
God, I hope not. That would mean Trump would go into his second term with a horrible economy and would have to spend much of his time in office dealing with that.
Not to mention that he would get blamed for a bad economy, simply because he was in office while it happened.
I know many people believe that our financial system is going to collapse, and we're going to go back to the gold standard. I just don't know how there's going to be time now for that to happen and for us to recover from it before Trump is back in office.
That's not the story I keep seeing shared here. There are plenty of people saying that the White Hats orchestrated things so that Biden would be in office, and that it's all part of The Plan.
Obviously that's not what you believe, but that is the scenario I was talking about.
Oh. My bad. I read that comment, but it didn't really answer my question, so I thought you had gotten the link wrong. My bad.
My question was asking how people can be angry that the election was "stolen" while believing the election being "stolen" was part of The Plan all along.
I'm not talking about what The Plan is, or why they did what they did. All of that is just so convoluted and overly complicated that it gives me a headache.
What I'm asking is why people are so angry at the Democrats and libs for "stealing" the election, when the White Hats (presumably) are responsible for the outcome of the election, and that it had to happen and was always part of The Plan.
If it was necessary to have the election happen like that, and the WHs were responsible for it, why are people calling for Democrats and libs to be strung up, and God only knows how much time and energy, and money were spent on lawsuits to try to overcome the election results that the WHs orchestrated.
That just makes zero sense to me.
So cutting rates now is bad, but when the rates were cut during Trump's administration, he was constantly bragging about it. He was even pushing to have a negative interest rate. And people were saying what a genius move that would be.
Doesn't anyone else remember all this?
https://markets.businessinsider.com/news/stocks/trump-again-calls-negative-interest-rates-us-tweet-gift-fed-2020-5-1029193284