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Assets in Bankruptcy Georgia

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  • Assets in Bankruptcy Georgia

    If someone asks you to hold assets during a bankruptcy filing, is that a criminal or civil act?

    To follow, what is the impact on the individual who holds such assets? (I can find plenty of information on the penalites for the person filing bankruptcy, but nothing definitive for the person holding the assets.)


    (To set your minds at ease, I am not considering doing this, but the question of civil/criminal was a topic of conversation over the weekend.)

  • #2
    Are you saying "holding" assets to keep them out of the bankruptcy - to keep the person from filing bankruptcy claiming them as assets? Thanks. (Just to verify)
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      Yes, Betty, that is exactly the situation in question. If the person has something he/she wants not to lose, that is not on the exemptions list, and asks you to keep it in your home vs. keeping it themselves.

      Not a transfer of ownership, just "will you keep this for me" kind of situation.

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      • #4
        Yes, they "may" be subject to similar sanctions (including criminal prosecution) if, for example, they collude with the debtor to hide assets. It depends though on what is held, the amt./worth of asset(s), the state, the court --- depends on various factors just what action would be taken against that person.

        It is something a person definitely does not want to do.
        Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

        Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

        Comment


        • #5
          Thanks Betty. I couldn't wrap my mind around how this wouldn't be considered a criminal action, but it appears the devil is in the details.

          I concur, this is not something you would want to do.

          I appreciate you taking the time to answer!

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          • #6
            You're welcome.
            Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

            Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

            Comment

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