Wouldn't a way to get around this is to "sell" the assets to a friend at an extraordinary low price then afterwards "buy" it back for the same price. This is not hiding because the assets are not legally theirs or being hidden. They are legally transfered to the other person. Just thinking outside the box. I am just curious.

 

I would have done the same thing you did. If this is a real friend, time can heal things. Some times when things are bad, people are not themselves.
It really sounds like the son is greatly over extended. My wife and I are in the same income range, and I can not see how anyone can afford a 500k home on 90k. But unfortunatly when over extended, some times you have to give things up.

Hope all works its self out.

 

You did absolutely the right thing Snoop..as other's have expressed , if he is a true friend or even has a shred of honesty in his soul he would realize what he is doing is just plain wrong no matter how you look at it.

I feel for you as he put you in a REAL crappy position, almost trying to guilt you into doing something illegal


Hopefully you should be able to take solace in that you did the right thing



Goose

 

Are you serious? Maybe I should move there??!?!?!?!?

 

Of course you did the right thing. Not wanting to lose your garage space for 6 months (likely much longer in reality) is reason enough. If you lost his "friendship" then it was not real anyway. Sounds like way too much maintenance to know that much about their problems anyway, Good riddance I would say.

 

With friends like that, who needs enemies. That guy got himself in that mess, not the economy. He's probably one that calls in sick to work often, does as little as possible while he's there, and does not make himself available to go the "extra mile". Thats whats wrong with our economy, its not Bush's fault, its not Obama's fault. Its our fault for allowing these middle aged yuppies to walk all over the working man, and real working man values, just so they can buy as many exspensive toys as possible. (On Credit) Until America wises up and breaks our real working man work boots off in the a$$ of these snot nosesd brats; this type of behavior will become the norm.
Snoop, you most certainly did the right thing. Tell that whiney cry-baby to get a life and except the concequinces for his actions. I'm Done!

 

You did the right Thing,

 

that really sucks about your friend but i feel that you made the right decision.

 

You did the right thing, If he is a real friend after all is said and done and they get there life back on track, he will be a friend again.

People like that annoy me, I wish i made 80K. Hell i wish i had a House to begin with.

 

It depends on when you feel like filing for bankruptcy, and whether the stuff you're selling has a security interest attached on the loan. Many times the bankruptcy court will rule that assets that have been disposed of within a certain amount of time before the filing, especially at a severe loss, must be returned to the trustee of the bankruptcy estate to prevent such fraudulent conveyance. Basically a form of an illegal straw purchase.

Also, like I said before, it is a crime to defraud a secured creditor in EVERY state. If you sell an ATV that still has a security interest on it and you don't pay that off and get a lien release, say hello to your new cellmate Bubba.