How do creditors find out about your assets?

[applecruncher]

Just another comment - I see several people telling OP about the "right: tihing to do and the "honorable" thing to do

OP does not give a fluing figg about what is right and honorable. That is obvious, and telling her to "do the right thing" is a waste of keystrokes.. She asked how/if creditors can find out about money she gets (assets) - i.e., how can she get away with hiding a chunk of money and paying what she owes. I think she got her answer, which is why she hasn't been back.

 

[ecmst12]

I'll tell you what paying the debt really means. It means freedom from the debt collectors. It means not having to put up with the harassing phone calls, not having to worry about getting hauled into court, not having judgements filed against you or bank accounts frozen and having to go back to court to prove all the money is from disability. Sure, you could go and spend the $40k on stupid stuff, but then you'd have to deal with being chased by collectors FOREVER. The SOL expiring doesn't stop them from calling, after all. So that's what you get for paying off the debts while you can. This may be the only chance you get for it!

I think expecting to settle for 50% of the debt is a little unreasonable. If you offer 75-80%, I think you will find them more receptive. That's if the debt has gone to a collection agency. If it's still with the original creditor, they may not be willing to negotiate, but on the other hand it looks better on your credit report if you pay it off before it goes to collections. And someday, that may matter to you.

 

[dirtyscoundrel]

The issue here is how to pay as little as possible, which I feel is always a legitimate goal. The $11 k probably includes a bunch of interest and collection fees and a settlement can probably be negociated. The problem is, if the creditors know you have $50 k why would they accept a settlement, right?

Once the divorce papers become public record, your creditors will know about the $50 k regardless of where the money is kept. You will have to negotiate a settlement before they find out. Once you reach a settlement, they will say it's only valid for 15-30 days or something. If you get your money after that time period, you'll have to contact them again and have them extend the original settlement or offer you another one. They'll probably try to increase the amount they get from you because they figure you have the money now. So, when you call tell them, thell them you're $1 k or $2 k short of the original settlement amount but that you have the money in your hand now. That should avoid them trying to increase the settlement amount. Make sure you get everything in writing and that the settlement will bring your outstanding balance to zero.


The original question was "How do creditors find out about your assets?" Nobody has answered this so far.

I don't know but an interested in finding out. I know there are agencies that will do asset searches, I would like to know how they conduct the search.

Is there some kind of checking account or brokarage account database that can be checked? Can they call or send letters to a bunch of banks and brokarages and ask if a certain person has an account with them. A private investigator can go thru your garbage so let's assume your bank statements don't go in the garbage.

 

[applecruncher]

The original question was "How do creditors find out about your assets?" Nobody has answered this so far.

I don't know but an interested in finding out. I know there are agencies that will do asset searches, I would like to know how they conduct the search.

Is there some kind of checking account or brokarage account database that can be checked? Can they call or send letters to a bunch of banks and brokarages and ask if a certain person has an account with them. A private investigator can go thru your garbage so let's assume your bank statements don't go in the garbage.

If you read the thread you will see that the original question has been answered several times.

 

[TigerD]

I don't know but an interested in finding out. I know there are agencies that will do asset searches, I would like to know how they conduct the search.

Take a job with one of those agencies and spend 10 years learning.

DC

 

[Antigone*]

The issue here is how to pay as little as possible, which I feel is always a legitimate goal. The $11 k probably includes a bunch of interest and collection fees and a settlement can probably be negociated. The problem is, if the creditors know you have $50 k why would they accept a settlement, right?

Once the divorce papers become public record, your creditors will know about the $50 k regardless of where the money is kept. You will have to negotiate a settlement before they find out. Once you reach a settlement, they will say it's only valid for 15-30 days or something. If you get your money after that time period, you'll have to contact them again and have them extend the original settlement or offer you another one. They'll probably try to increase the amount they get from you because they figure you have the money now. So, when you call tell them, thell them you're $1 k or $2 k short of the original settlement amount but that you have the money in your hand now. That should avoid them trying to increase the settlement amount. Make sure you get everything in writing and that the settlement will bring your outstanding balance to zero.


The original question was "How do creditors find out about your assets?" Nobody has answered this so far.

I don't know but an interested in finding out. I know there are agencies that will do asset searches, I would like to know how they conduct the search.

Is there some kind of checking account or brokarage account database that can be checked? Can they call or send letters to a bunch of banks and brokarages and ask if a certain person has an account with them. A private investigator can go thru your garbage so let's assume your bank statements don't go in the garbage.

That was B.S. Advice dirty. Since he has the money and he DID incur the debt he should pay the piper.

It really ticks me off that people whip out the plastic over and over again for a bunch of crap that they don't really need. Arrogance and entitlement is what I call it. And then...to top it off when they finally do get the money and should pay off the debt here comes arrogance and entitlement again. "Let me hide my money. I don't want to pay off what I owe because I want to buy more crap".

Dirty, if you're are going to be giving advice on this forum. Please make sure you are also an advocate for accountability and financial solvency. We have enough idiots giving bad advice and we don't need another. That is my opinion and not the opinion of anyone else.

And....the only smart piece of advice you gave here was to tell the poster not to toss his bank statements in the garbage. Database for checking and brokerage accounts letters to banks and "brokarages" ...stick a fork in me...I'm done!

 

[mtnstyne]

Hehe

Reading this post makes me all warm and fuzzy inside knowing that the collection agency working for me is harassing someone just like the OP probably right now. I hope they never quit harassing them and that it makes life miserable for years and years...and more years...lol. That's getting off easy for stealing money from my family.

pay your debts...be responsible...have some pride

just my opinions, but it is very sickening! I hope they wait until you get your settlement and spend it all on material garbage and when they get the judgement and attach it to your new treasures and sell it at auction to pay the balance. May cost you way more in the long run.

 

[VeronicaLodge]

That was B.S. Advice dirty. Since he has the money and he DID incur the debt he should pay the piper.

It really ticks me off that people whip out the plastic over and over again for a bunch of crap that they don't really need. Arrogance and entitlement is what I call it. And then...to top it off when they finally do get the money and should pay off the debt here comes arrogance and entitlement again. "Let me hide my money. I don't want to pay off what I owe because I want to buy more crap".

Dirty, if you're are going to be giving advice on this forum. Please make sure you are also an advocate for accountability and financial solvency. We have enough idiots giving bad advice and we don't need another. That is my opinion and not the opinion of anyone else.

And....the only smart piece of advice you gave here was to tell the poster not to toss his bank statements in the garbage. Database for checking and brokerage accounts letters to banks and "brokarages" ...stick a fork in me...I'm done!

its my opinion as well.

 

[ariastar]

The way I see it is the $40,000 belongs to the OP and they can do whatever they want with it. If the money is gone, then how can the creditor get it???

The debt is also the OP's. And $29,000 of that money is the OP's. The rest belongs to the credit agencies. Once it's gone, a court can order a sale of assets to recoup the money. Is blowing it all right away just to laugh at the creditors not getting it really worth it?

 

[ariastar]

OP, you are about to see more money in once chunk than I've seen at one point in my entire life. You want to know how to get out of paying your debt. That's what this is all about.

Listen, to cash the check you will need a bank account. Bank accounts require, bu federal law, that your identity is verified. This includes your social security number.

But let's back up for a moment. They will find out because, come interrogatory time, you will disclose this money. Right? RIGHT? I believe they ask about future expected monies as well. Gonna follow the law and disclose, right?

*sigh* No, you won't. You're going to risk some jail time.

So back to the bank.

There will be a judgment against you. The debt is valid. You don't want to pay. So the collector, with a court order, will submit requests to banks in your area looking for a hit. They will hit on your bank and find out that you had this money you didn't disclose. So they've got their money.

And you're now guilty of committing some pretty big lies. And now you risk a lot more by going to jail and having more of it taken away to cover your expenses in the Big House with Bar.

Look, if you can't pay and want to be somewhat honest, go to a debt management agency and they may be able to get the interest down to nothing, and might, MIGHT be able to have the amount owed reduced to principal or just over. But this won't be 50% or under.

 

[megabux]

Google Fraudulent Transfers Act for your state. Basically, a fraudulent transfer would be selling an asset to another for way under value, or putting it in another's name for the purpose of defrauding a judgment creditor.

 

[Jayfrayway]

First I want to thank those who have offered advice and ideas. Then I want to apologize to those who were offended by my post and stated intentions with the money. Sometimes when you are going through a difficult time in life you don't think about how what you are doing will impact other people. I can see that asking to settle for half is not right. But I would not be the first person to settle for less than the full debt amount though. My ex feels the same way you all do. He is saying he is going to call the creditors and tell them about the money I am getting.

Question though, someone mentioned the creditors coming after him. The credit cards were in my name only, and the separation agreement states that I alone am responsible for the debt. That would mean they cannot come after him, right? If they pull him into this my life will be even worse than it is already.

 

[Debt Guy]

someone mentioned the creditors coming after him. The credit cards were in my name only,

Won't happen. MO is not a community property state.

and the separation agreement states that I alone am responsible for the debt.

Meaningless. Such agreements are not binding on the creditor.

 

[megabux]

Google Fraudulent Transfers Act for your state. Basically, a fraudulent transfer would be selling an asset to another for way under value, or putting it in another's name for the purpose of defrauding a judgment creditor.

Since the previous reference to Fraudulent Transfer has been omitted, my post seems out of place. How does one remove a post?