What Is Fraudulent Conveyance and How Can I Avoid it?
The Classic Fraudulent Conveyance The classic fraudulent conveyance occurs when a person intentionally transfers property to another with the intent to defraud, hinder, or delay a creditor’s ability to collect on a debt. For example, let’s say a car dealership finances a car for a buyer based on the buyer’s credit report and bank account funds. Later, the buyer transfers his …
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Charging Off a Bad Debt: How, When and Why to Do It
For many creditors, the frustrating reality is that it costs money and it takes time to recover the money that is legally owed to them if a borrower stops repaying a loan. The costs of debt recovery can be significant. Foreclosure, for example, can be expensive and take over a year to complete in some states. Therefore, many businesses choose to write off their bad business …
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