How do Rich People File Bankruptcy and Not Lose Anything
Вставка
- Опубліковано 24 вер 2019
- Why can professional athletes, movie stars, singers, and other wealthy celebrities file for bankruptcy and often give up little or none of their property? By contrast, if you or I file bankruptcy, we may have to give up our house or car in a Chapter 7, or we may find ourselves living under a very restrictive Chapter 13 budget.
As I discuss in this video, the United States Bankruptcy Code applies the same to everyone, but wealthy businesspeople and celebrities have two advantages that you and I do not.
First, a wealthy debtor who owes millions or tens of millions of dollars actually has a great deal of leverage when it is time to negotiate with banks. If you owe a bank, even a large bank, $30 million, that bank does not want to see you going out of business. A $30 million loss would likely impact that bank’s liquidity ratios and might cause the bank to go out of business.
So if you owe millions of dollars to a bank, management will almost always offer to negotiate an extended repayment and restructure of the debt.
A bankruptcy reorganization allows banks and other creditors to participate in the design of a repayment plan that will allow the debtor to remain in business but also to pay down debt over time.
Secondly, a wealthy debtor often has the opportunity to earn large sums of money quickly. Actors, singers and professional athletes can go on tour, star in a movie or endorsement deal and within a short period of time generate tens of thousands of dollars.
In these cases, the debtor just needs time to line up a new opportunity and the automatic stay of bankruptcy can provide that time.
By contrast, you or I most likely do not owe enough to prompt banks and other lending institutions to the negotiating table. Whether you reorganize or liquidate just does not matter to them so you or I would have very little leverage inside or outside bankruptcy.
You may not be a wealthy celebrity but you can still derive benefit from bankruptcy if you are facing unmanageable debt. Call our office at 770-393-4985 to learn how bankruptcy might be a solution to your financial problems. #donaldtrumpbankruptcy #bankruptcyforrichpeople #atlantabankruptcy
===========FREE CASE EVALUATION==========
If you would like me to analyze your finances
please contact me at
atlanta-bankruptcy-attorney.c...
==========================================
===============CONTACT ME=================
Jonathan Ginsberg
Atlanta Bankruptcy Attorney
Website: atlanta-bankruptcy-attorney.com/
Facebook: / ginsberglaw
Telephone: 770-393-4985
atlanta-bankruptcy-attorney.c...
===========================================
**Click Below to SUBSCRIBE for More Videos:
ua-cam.com/users/subscription_c...
Nice video. Thanks!
Thanks Great Video Presentation
thank you
Takeaway: legal doesn’t mean ethical and corporations and banks don’t want you to be aware of how to manipulate them.
question If i file and the house is not in my name but my parents, will they lose the house in chapter 7 in california if exceed 300k or home median value of the county
Hey Jonathan, thank you for this insight. Really great video and clear way of describing some alternatives about this type of proceeding.
Glad it was helpful!
I have heard that it is possible for you to be 'sued into bankruptcy'(i.e where somebody would sue you and get a court to declare your bankrupt)...Is that true? Can you do a video on it?
I had a damaged credit issues which include the following: bankruptcy, eviction filling and outstanding rental balance, delinquent state and federal tax debts, a horribly low credit score which affect my credit report. Michael Gibbs from CREDIT PATCH UP LCC came to rescue me and He started the repair which he concluded within a week. He raised my score to 780+, payoff my debts and apply new credit cards with good limit. You can also search on [Gibbs@creditpatchup.com], He is a well known debt relief with a lot of experience.
What about those who owe the federal gov taxes?
Any kind lawyer kind enough to give me some small tips here? I need help. My local lawyer told us theres no need to sue the fraudater because the fraudster is a lawyer who created tons of Fraud Documents got our money and declared himself bankrupt....
"nothin we can do about it" you say.... we can always eat the rich. Or change the laws.
Yes! Revolution! I say.
You wont do anything
A friend of mine is a patent attorney and tells me that bankruptcy law is basically the pond scum of the profession. Also tells me if you're not talented (smart) enough to practice a more prestigious and lucrative level of law, then its bankruptcy or public defender. Also tells me that people should avoid lawyers who pump their services on UA-cam. Is this true????
I had a damaged credit issues which include the following: bankruptcy, eviction filling and outstanding rental balance, delinquent state and federal tax debts, a horribly low credit score which affect my credit report. Michael Gibbs from CREDIT PATCH UP LCC came to rescue me and He started the repair which he concluded within a week. He raised my score to 780+, payoff my debts and apply new credit cards with good limit. You can also search on [Gibbs@creditpatchup.com], He is a well known debt relief with a lot of experience.
@@sherryk.timmer4921 Tax liens and levy's are no longer listed to a consumer credit report. You must just be an idiot spammer.
This guy i wouldn't trust him with my piggy bank. 🤣
IS THERE POSSIBLE TO FILE BANKRUPTCY AND STILL KEEP ANY OF MY STOCK PORTFOLIO?
Chapter 13
Not unless your filthy rich or a politician.
Should've owned your stocks through an LLC financial management company, then your holding company then go you
Don't bust on my President!
I had a damaged credit issues which include the following: bankruptcy, eviction filling and outstanding rental balance, delinquent state and federal tax debts, a horribly low credit score which affect my credit report. Michael Gibbs from CREDIT PATCH UP LCC came to rescue me and He started the repair which he concluded within a week. He raised my score to 780+, payoff my debts and apply new credit cards with good limit. You can also search on [Gibbs@creditpatchup.com], He is a well known debt relief with a lot of experience.
The Truth May hurt, but it is ALWAYS your friend.
@@kellyyork3898 Guess $7 gas and food shortages don't bother you. I'd take bankrupt finances over a bankrupt mind, as in the case of Mr. Biden, any day.
you're doing coke or lying...what is it?
I had a damaged credit issues which include the following: bankruptcy, eviction filling and outstanding rental balance, delinquent state and federal tax debts, a horribly low credit score which affect my credit report. Michael Gibbs from CREDIT PATCH UP LCC came to rescue me and He started the repair which he concluded within a week. He raised my score to 780+, payoff my debts and apply new credit cards with good limit. You can also search on [Gibbs@creditpatchup.com], He is a well known debt relief with a lot of experience.
Lol