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Old 03-11-2005, 03:38 PM   #10
bilmore
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Join Date: Mar 2003
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Credit Cards

Quote:
Originally posted by taxwonk
It places limits on who can file for chapter 7. If you have the ability to pay a certain amount over time, you are forced to file a ch. 13. It also makes more debt non-dischargeable in other ways. Incidentally, it does nothing to limit the ability of corporations to file for a ch. 11 reorganization, screw their shareholders, pensioners, and employees, then walk out of court with a nice clean balance sheet.
But thankfully, it continues to allow one to sock away tons-o-bux in opulent homes and then shelters that asset from creditors. Similarly, if one's assets reach that critical mass at which expensive legal help becomes cost-effective, one can easily set up a sheltered trust, fund it with as much as you want, declare BK, and continue to exercise complete discretion and control over the trust.

It's good to be king.
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