Finding Collections of Rare Things
PROBLEM:
The debtor is a big collector, whether of coins, stamps, toys, or comic books. You ask about the collection but get no response, or else you are told it was “lost” or sold for much less than you were always told it was worth. You…
When Debtors Make Themselves Look Poor by Raising Spending
PROBLEM:
To make himself appear cash-poor, the debtor, a small business owner, increases his business’s discretionary expenditures knowing that he can recoup the money after the divorce is final.
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SOLUTION:
This problem can take…
Finding Real Estate Bought Through a Secret Company
PROBLEM:
You think that your debtor owns property, but you cannot find any evidence that he owns any real estate in his own name. You suspect that he purchased property through a corporation so that you would not be able to find it.
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SOLUTIONS:
If…
Easy Come, Easy Go: Gambling Winnings
PROBLEM:
A debtor hit it big in a poker tournament and promptly squirreled away the prize money. Now, when the creditor asks about the winnings, the debtor’s response is, “Poker? Sure, I play for fun, but I’ve never won any real money…
No Surrender: Finding Secret Life Insurance Policies
PROBLEM:
You suspect that your spouse has secretly hidden money by purchasing a life insurance policy that he plans to cash in once the divorce is final.
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SOLUTION:
The first step is to look for any evidence of payments to insurance…
Highbrow, Low Profile: Hidden Art Collections
PROBLEM:
A debtor may say he has no assets when he actually owns an art collection worth millions. Or, in anticipation of a divorce, a debtor may convert ready cash or easily-discoverable assets into art, which can be safely stashed away…
Pending Class Action Awards
PROBLEM:
The debtor doesn't have it yet, but is expecting a major payment when a class action suit settles and he comes into more than $100,000. However, he is not the lead plaintiff and his name doesn't appear anywhere you can see as it would…
Maybe Next Year: Delaying Income to Make Business Seem Worse
PROBLEM:
The debtor shows you some accounts from his business, and business is bad. However, that is because he is putting off booking income this year to make himself look worse-off financially than he is. Once the divorce is final, all that…
Bonds: The Gift of Steady Income and Traceable Records
PROBLEM:
The debtor has no cash to his name and his real property is mortgaged. All of his wealth is tied up in bonds. Where to find them?
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SOLUTION:
The nice thing about bonds is that they generate income. Unlike a piece of real…
Anchors Away: Tracking Down a Hidden Boat
PROBLEM:
The debtor has chosen to hide his beloved boat to avoid having to relinquish it or sell it to pay off debts. Or he decides to liquidate some cash by purchasing a boat and storing it out of sight from his creditors.
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SOLUTION:
There…
