Tuesday, October 30, 2007

Dangerous advice from Creditwrench

In a discussion today with a consumer who is being sued for a debt in Ohio, Creditwrench CEO Bill Bauer provided some more very dangerous advice.

The debtor is being sued for a credit card debt. Her only assets are a van and a bank account in both her and her husbands name.

What did Creditwrench CEO Bill Bauer advise?
I would recommend that you have him take your name off the van.....take your name off the checking account too.

What Creditwrench recommends is known as a fraudulent conveyance. And, is specifically adressed by Ohio statute R.C. 1336.04(A) et seq.

You cannot transfer assets in an attempt to hide them from a creditor. Though this theory has been taught by the likes of Robert Paisola, John Ghila, and now Bill Bauer, it's illegal.

Quite easy to prove in the instant case too, since bank records and motor vehicle records would show the dates of transfer as subsequent to the date of the lawsuit being filed.

The creditor would find the transfer dates as soon as they completed a simple asset search.

Then, guess what? All of those previous assets of hers become subject to levy.

And, no Billie. They cannot touch the home that is in the name of her spouse for her obligation, even if her name were on the deed.....you fucking moron.





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