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How will I know if a debtor is hiding assets?

On Behalf of | Aug 17, 2022 | Aggressive Collections, Business Debt Collection

Finding the assets that belong to a client who owes you money is a lot like peeling an onion. It is important to go layer by layer to make sure you do not miss any potential assets. You do not have to go through this process on your own. You can seek the counsel of attorneys with experience in these matters to advocate on your behalf. The lawyers at the Law Offices of Alan M. Cohen & Associates LLC have nearly 50 years of combined legal experience working on these matters and searching out fraudulent conveyances to find a debtor’s hidden assets.

Where will a debtor hide their assets?

This can be done in several different ways. Some may try to transfer assets to a family member or friend. On paper, it may look like they no longer own the asset, but they remain very much in control.

In another example, a debtor may attempt to hide assets using shell corporations. This involves transferring the asset to a business controlled by the debtor. Again, on paper it may not look like the debtor owns the asset.

Some more savvy debtors may attempt to use innovative technology to hide assets. The use of cryptocurrency and digital assets is a possibility and one that may prove worth investigating.

What should I do if I believe a debtor is hiding assets?

You can bring a lawsuit. If you can support your claim the court will review and potentially void the transfer in question. This means you could potentially still reach those assets.

Is there anything else I should know?

Unfortunately, there is a time limit. Every state has a different limit, referred to as a statute of limitations, and Massachusetts law sets this limit at four years. Wait too long and you could miss your chance to get your entitled payment.

Do not wait if you suspect a customer has taken action to hide assets. The attorneys at Law Offices of Alan M. Cohen & Associates LLC have experience following up on these claims and can fight for a judgment in your favor. Contact us to schedule an appointment to learn more by calling 508-763-6604 or reaching out online.