Gone Today, Here Tomorrow: Overpaying Employees To Hide Assets
PROBLEM:
Debtors who own their own business can hide funds by cutting checks to a nonexistent employee or overpaying a current employee. Once creditors are no longer hunting for funds, the debtor simply voids the checks and pockets the money.
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SOLUTION:
If…
House Hunting: Tracking Down Real Estate in the U.S.
PROBLEM:
Debtors know that a few clever tricks can make it difficult to trace a real estate purchase back to them.
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SOLUTION:
The biggest challenge in tracking down real estate is knowing where to look. In the United States, property…
Put a Cork In It: Hiding Wine
PROBLEM:
The debtor has a taste for the finer things in life, and we suspect that among his most valuable assets is an extensive (and expensive) collection of fine wine. But how much the collection is worth and where it’s located remain unknown.
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SOLUTION:
Every…
Wedding China: Advance Notice Gives You an Edge
The Judge Judy lawsuit over some very expensive china and flatware has apparently settled. Former model Patric Jones had alleged that her ex-husband sold the expensive goods to Judge Judy Sheindlin of television fame for far less than the goods…
Cashing In: Tracking Down Hidden Cash Reserves
PROBLEM:
There is reason to suspect that the debtor has closed his financial accounts and transferred most of his assets to cash, minimizing his paper trail. Proving he's worth more than he says he is has become a major challenge.
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SOLUTION:
Anyone…
Putting It Off: Small Businesses Defer Payments Until a Later Period
PROBLEM:
Debtors who run their own business know there is always a risk their books will be scrutinized. In order to maintain the façade that they have few to no assets, many find ways to hold back revenue. In some instances, debtors arrange…
Something Old: Finding Antiques
PROBLEM:
In some cases, debtors have time to prepare for an asset search. For example, they might decide to decrease the amount of cash they have on hand by investing in antiques. The antiques remain hidden so as not to arouse suspicion. After…
Take Off: Finding Aircraft
PROBLEM:
Not only do you have to worry about offshore bank accounts, but sometimes debtors go visit their offshore accountants in planes you don’t know they own. Planes are expensive and good things to seize if you can track them down.
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SOLUTIONS:
U.S.…
Jackpot! Finding Lottery Winnings
PROBLEM:
A debtor puts down $1 and wins $500,000 in the multi-state lottery. It was too little to make the evening news and have his picture taken but more than enough to justify serious efforts to go after.
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SOLUTIONS:
Lottery winnings…
Carjacked: Tracking Down Hidden Cars
PROBLEM:
Your debtor has “no money,” but you hear he’s been seen driving around in a car worth $48,000. Your trace the car’s ownership and find it’s owned by a Delaware corporation. Or, worse, your debtor is rumored to have a car…
