If you’ve been experiencing some financial problems recently and you’ve got debt collectors on your back asking for large quantities of cash, you might be a little concerned about what could happen if they decided to bankrupt you. This is obviously a very stressful time and so any advice would be gratefully appreciated, right? Well, I’m going to let you in on a little secret.
A couple of years ago I was in the same situation, and although I wasn’t certain how it would pan out at the time, I actually managed to find ways that helped to ensure I didn’t lose everything. Now, I must first state that some of the techniques and methods I used weren’t exactly by the book, but they did provide a means for me to hang onto some of my wealth and cancel all my debts at the same time. So cheer up, things are never as bad as they seem.
Sell Valuable Possessions Ahead Of Time
When you suspect that bankruptcy is only just around the corner, it’s wise to start making preparations as soon as possible. If you sell anything of value and put the money in your bank account, the chances are you’ll lose it when the official receiver takes control. This is why you must find a trusted friend who’s willing to look after some money for you. Giving them your valuables or the cash from the sale of your valuables will make it impossible for anyone to take it away from you. Then, once your accounts are under the control of the relevant authorities, you can simply get the money from your friend as and when you need it.
Get Independent Valuations Of Your Estate
Secondly, it’s important that you obtain independent valuations of everything you own; the house, the car – everything! The people who will take control of all your assets have no interest in finding out the real value and concentrate their efforts mainly on achieving a quick sale. This is why contacting a reputable estate sales company in New Jersey, Manhattan or wherever you live is vital, as it will mean any debts you have will be decreased by the proper amount.
Start Removing Cash From Your Bank Accounts Immediately
Legally, you’re probably not supposed to take any money out of your accounts when bankruptcy is looming, but so long as you can make it so the official receiver has no way of locating these funds, there’s very little anyone can do about it. Obviously you’ll want to avoid buying anything with the cash, but again, you could leave it with a friend and use it when times get tough during the process you’re about to enter.
At the end of the day, how well you survive during a bankruptcy will depend on how innovative (and sneaky) you’re willing to be. None of my suggestions are illegal, however, you may wish to cover your tracks just to avoid suspicion if you decide to take the same route I did. Just remember, bankruptcy isn’t necessarily a bad thing. In a year’s time you’ll have no debts and be in the best position possible to start again.
Good luck my friends!
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