Chapter 13 Bankrupt question, how do you make more cash?
My parents declared Chapter 13 bankruptcy. They had a business in land development and thanks to the housing bubble it collapsed. My dad unfortunately personally gauranteed some of the corporate paperwork.
Now the problem is they are starting to make more money, but the settlement keeps taking the money. Is there any way to try to make more money? Or are the doomed to their current lifestyle for the next 5 years? Any thoughts? Perhaps a bank in the Caymans?
Posted January 26th, 2012 in Bankruptcy Q And A. Tagged: caymans, chapter 13 bankruptcy, dad, housing bubble, lifestyle, money, paperwork, parents.
You don’t need to make more money you only need to change the way you get money. You father needs on a Good Trust attorney. Essentially he forms a trust and sell the company to it the trust is protected from any suits against your parents. The trust can form it’s own land holding company including a rental company that can buy you parent’s house and rent it back too them for a dollar a year. Just make sire you have a good Lawyer doing the paperwork, you can feel free to contact me for the name of mine. He’s the reason I can live in a 56m house while claiming only $95K annually in income.
January 26th, 2012 at 7:02 pm