Sometimes, customers go bad. They not only refuse to pay their debts, but they may also take steps to hide their money. This is often done in an effort to put their money out of reach from rightful creditors like you.
They can try to hide the bacon, but we can usually find it.
At the Law Offices of Alan M. Cohen & Associates LLC, we have over 50 years’ experience getting our clients paid. We handle business and commercial collections for companies of all sizes and in any industry. Unlike attorney who dabble in commercial collections, we know what to do when a deadbeat tries to avoid payment by moving their assets into an irrevocable trust.
When a debtor claims they can’t pay, we know how to investigate the debtor and find out where the money went. In some cases, debtors intentionally try to keep their assets out of the reach of creditors, and an irrevocable trust is a popular way of going about it.
It’s often true that creditors can’t get at assets that are held in an irrevocable trust, even when a debtor is the beneficiary of the trust. These trusts are sometimes called “creditor-resistant.”
They’re creditor-resistant, but that doesn’t mean creditor-proof. If they were, they would invite chaos because they would create a perfectly legal way to exempt your assets from your lawful creditors.
In fact, it is not legal to transfer your assets into a trust in order to exempt them from collections. When people do this, it is called a “fraudulent transfer” or “fraudulent conveyance.”
When trusts are funded by fraudulent transfers, they can be broken. However, you only have four years from when you knew or should have known about the fraudulent transfer to take action.
It make take extra time to claw back money that was fraudulently transferred into a trust, but it is possible. We will relentlessly pursue deadbeats who try this trick. We do not give up. Our goal is to get you paid, and we will fight until you get paid or no one could get you paid.
Get started by calling 508-763-6604 or reaching out using our online form to schedule an appointment.